Old 10-04-20, 08:09 AM
  #23  
Salamandrine 
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Nothing is wrong. 90.5 / pi is 28.8mm. Subtract about .2mm for paint which gives 28.6mm. 28.6 - 1.4 (wall thickness) = 27.2.

That seat cluster is severely pinched. It must be carefully pried open. I'd recommend getting it chased with a proper seat tube reamer afterwards, to remove and residual distortion.

Reynolds in Italian bikes is not at all unheard of. As mentioned, there was a time when some viewed it as more prestigious than Columbus. It's a nice 1970s Italian racing bike. I can't tell you what you should do with it. Ride it?

Correct derailleurs would be Campagnolo NR or GS. I'm guessing this bike may have been built up from a frame by a racer. Pretty typical of real race bikes.
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