I had a Campania that looked very similar. I bought it, cleaned it up, greased it up and promptly sold it. I was attracted by the chrome lugs (I'm a sucker for chrome lugs) but the bike was much heavier than any of my others and the ride felt sort of "dead". I made a few bucks at least.
Regarding the crankset, that is one of my favorites and that, along with the shifters and pedals was worth obtaining the bike. Add in the bottle cage as a bonus and you did well.