Thanks for all of the comments above. I did everything I could to make the thing as safe for me as possible:
1) insurance on shipping the item
2) paypal
3) fund paypal through my mastercard (who is very good about backing up)
So I am pretty confident that everything will be ok. I have used them before. Their negative feedback is based mostly upon people who bought DOA electronics - I wouldnt buy anything electronic from them. They explicitly state that they do not test that kind of stuff and buyer beware, as you may get an inert piece of plastic.
My main concern is scratches or dents on the frames that may make them of no use. That is really the only thing that could happen that would leave me no recourse for the transactions. But long story short, I made the bid on the crap shoot that I would get a couple of unique frames that I can hopefully use one of to make into a cool single-speed or something like that. Basically a low risk (relatively @ 10% retail) for 2 italian frames for my perceived chances of getting screwed.
I will post an update when/if the frames arrive. Wish me luck fellow BF folk - here is to living dangerously!