As the owner of a Colnago Master (albeit with Record Ergo 8) and a Basso with S. Record I understand your fantasies.
Fact of the matter is that Trek is as well made as most if not any Italian ride, it just doesn't have the
panache. $425 for a 700 series Trek with S Record is a good deal in my book. I'm sure some have found comparable bikes for less but that bike on eBay would probably bring a good bit more. I'd say go for it.
In regards to 'Nagos, I'm partial to the Master line but collectors often drool over Supers. Hard to go wrong.