buy it. if you hate the tubulars you can sell the a set of wheels and buy a set of IRO clincher wheels with the proceeds, with cash left over.
i'd say don't powdercoat the frame. if it is chromed and you don't like that, strip the parts off and spraypaint the frame whatever color you want. the paint won't hold up very well, but it will be easy for the next owner (or you) to remove later.
you're almost certainly going to want to change the gearing.
(btw, $CDN175 is less than one of the wheelsets is worth.)
pics once you get it would be nice