Hey Fred!
Do you live in toronto and the LBS you're talking about is Cavern Cycles, because if it isnt, then I dont know what to think. I went in there looking for a frame and Keith showed me the Miele Beta.
I think $150 is a decent price. I probably would have bought it but I've got a 70's Wes Mason lined up. The Miele was never ridden but the guy who bought it from the company close out in ontario (Miele went out of business in the 90's) tried to spraypaint it but it looked like s***.
The Beta was their top of the line road frame, so if you like the size, I'd get it.