I have one that was obtained from the original owner and, though showing the expected patina/wear mark for a ~40 year old bike, is in pretty nice shape (for now). So I have two questions:

1) what do you think it's worth as is?

2) What would be a FMV after a full, frame up restoration (every bearing cleaned and repacked, every alloy part cleaned and lubed, new tape, tires, tubes, cables, housing, etc).

The saddle and seat post you see have already been removed and will be replaced by period correct. The stem is loose and AOK. The vestigial bottle cage and speedo bits have been removed.

Falcon Professional. 52cm x 55cm (c-c)
Gipiemme crankset (Dual Sprint, 52/46), hubs, brakes, levers, HS and pedals. Binda straps
Campagnolo NR RD (1980) DOs ( with threaded holes for Portacatena so post 1977) and FD
Mavic MA2 rims
3TTT stem and HB
Reynolds 531 DB tubes, stays and forks. "TI Reynolds Limited" decal on ST and 531 decal on one fork leg.

I have a copy of the Elswick/Falcon catalog from 1983 showing this bike - same color, same decals. The text says "Full specification Falcon 'Professional' and 'Super Professional' models are built to order, by arrangement though your approved Falcon Dealer". This one was spec'd quite nicely and has been well maintained. All the bearings feel and sound lovely. This may be a UK only model. I'm not convinced it was available in the US.