Id probably pass. The combination of possible significant rust (that top tube looks pretty rough) with unclear pictures makes this bike a gamble. However, the winning bid will probably be pretty low, and if you choose to repaint and grind off the derailer and braise-ons you wont be ruining a pristine classic.
The competitions are a great bike, they are also collectable. You might get more for your money and time if you get something like a Raleigh Supercourse or Univega in better condition.
Check out my '70 Competition -