I don't get this fascination with low end clunkers. In Italy, these bikes are readily available and can be found without too much difficulty, without a hole in the frame, for next to nothing. The crank is not a valid option for an older bike as the spacing between the crank arm and the spider is likely increased to permit the fitting of the chainguard. The headset looks to be a Way Assauto.

So $100 plus 2 hours driving time, plus gasoline and wear and tear on your car + clunker Gloria with hole in the seat tube = a cool $200 clunker Gloria with a hole in the seat tube.

I hope that it rocks your boat, which I guess is all that is important in the end.