Originally Posted by T-Mar

Based on the forged Campagnolo dropouts and fork crown style, I'm inclined to agree with juvela that this is a San Remo Model 94. Seat post size looks quite large. I'm expecting 27.0-27.2mm which would confirm at least a Reynolds 531 DB main triangle and I suspect that the stays and blades are also Reynolds 531.

It was quite common to see Zeus components on other than the shift system, as a cost concession. I have high confidence that the Zeus headset and seat post are OEM as I've seen them on other Falcon of this era and level. . Brakesets during this era was typically centre-pull, except on the Model 76. They were typically Weinmann but I have seen Zeus. I suspect the brakes were changed, simply to hop onto the side-pull trend, at a reasonable price. Falcon did start specifying Sugino cranksets on some models, post boom, but I suspect this is another replacement, along with the wheelset and, of course, the pedals..