Thanks to the TRIgeeks at Slowtwitch:
Retro TT stuff: Triathlon Forum: Slowtwitch Forums
Appears to be a legit frame, possibly with that crazy track fork. I can't believe the original paint job was that kludgy, but that's what they looked like.
Looks like someone tried to convert the rear dropouts, or it was a crashed/broken frame that was garage-re-welded. appears to be weld bead under the black paint on the drive side.
Most likely a cast-off frame/fork, that's been hanging on the wall in someone's garage/shop for 30 years.