Personally, I do think it's an Italian frame. It's odd that it uses the 70's style lugs, but has the 2 bottle bosses, TT cable guides, early style fork crown and a pump-peg. Maybe it was repainted in the mid 80's and the braze-ons were added? The decal placement on the D/T is pretty bad (too close to the shifters). Or it might just be a Euro only model?

Anyway, it looks like a good quality one. But again the color and mix of non Italian parts keeps the cash value pretty low.