Gah, that's a hack job, alright. I'd don't normally advise repaint, but in this case, yes.

There were PXs and odd variants built with different paint schemes. Oddly, no one here has commented on the Nervex lugging on what, by the decals appears to be a post 1973 bike. This points me to believing the bike is either a repaint or a workshop bike (peugeot had a custom workshop from about 1973/4 on. Built the team bikes and special orders). Stock PXs from this period lacked the fancier lugs. It could also be a 1974ish PX10e, which did use the nervex but had steeper head tube angle than the standard PX. However, that bike was available stock in either blue or white.