The condition isn't perfect but it certainly doesn't need a repaint. Based on the serial number I would agree with your early 60s estimate. I also agree it is probably a lower end bike with the stamped dropouts. But clean it up first and post before you do a repaint, I think it will look great.

Frejus is my latest Holy Grail even though they have always been a second tier bike. Craftmanship is good with simple lugs but not on the same level as your top tier Italian bikes.