I don't think I'd call that low end. I'm not sure why you do? Perhaps it was a notch down from the very top of the line, but perhaps it was not.

Considering the time period, a steel cottered crank was a legitimate choice for a top shelf bike. It was only later that steel cranks were found on lesser models.

Regardless, it's a cool bike for sure. The wire holes are slightly unfortunate, but since they're there you may as well use them.

BTW Lacoste invented that type of collar. I'm fairly certain that's what the ads are referring to. By Lacoste I mean René Lacoste the tennis star that invented the alligator shirts.