Looks like the standard-issue cheap gaspipe Italian bike-boom bike, so similar to the cheap Bianchis, Chiordas and others that occupied the same timeframe and pricepoint. The bullet-pointed seatstay caps are one of the hallmarks. I'd strip it and make a utility bike or fixie/SS...you might actually get a few bucks for the Simplex shifters and hard plastic saddle (some people actually want those), but I doubt if anything else is worth preserving. Used Italian BBs are not that hard to find, especially if you settle for a conventional unsealed type. I guess that Simplex was available at the right price when they built this one, and might have been a step up from Campy Valentino.