This is a bike I picked up cheap for the parts. I thought the frame/fork were toast because of the heavy rust, but I'm now I'm not so sure. Does anyone have any idea what it is? It's Reynolds 531 frame, fork, stays. It has Campagnolo drop outs and fork ends. The parts on it were First Gen Shimano Dura Ace - Crane RD, first gen DA high flange hubs, DA crankset, DA headset, but it had Dia Compe Gran Compe centerpulls and levers, SR Royal stem, and a neat SR Champion bar with dimples that were unfortunately bent. I'm thinking early 70s but I'm not sure what. What there any high end Japanese manufacturer using Reynolds tubing and Campy dropouts back then?

There is no serial number on the BB shell that I can discern, it's pretty rusty. If you want other pictures, please let me know and I'll take them.

Second question - is the frame salvageable? I'm thinking of trying my first OA bath and repainting it.