+1 - At minimum, rear mech, crank, shifters, brake levers and obviously handlebar have been swapped. Those stem shifters are something from a gas-pipe bike. Iconic original blue Blackburn rear rack is long gone. As suggested, this could be a good project, but only if it could be had for a "rescue" price.

Nickel says this bike was on a trainer, and the top tube rust is from sweat.