According to the Waterford site, those downtube decals are from the "Team" decal sets from the late '70s. Definitely not original to this frame. Funny - that repainted gold Paramount tandem on eBay presently has an identical decal set.

That's a pretty crummy looking transition from the seat stay to the dropout. I'd really like to get my hands on some closeups of the fork crown and lugs (curiously omitted in the auction). I dare say they'll look suspiciously Japanese.

Weren't all the outsourced frames equipped with unicrown forks, while the Waterford-built machines (not that I'm about to suggest that it is - that dropout work is enough to convince me otherwise) built with crowns? It's rather obvious that this is not Waterford's doing, and if the unicrown theory is correct, that would tell against this machine as being a Japanese Paramount. Presto - at least you've eliminated the possibility of it being a Paramount.

I've got my bet cast that it is one of the mid-range models from the '80s (Tempo, Prelude, etc) with a respray job and fancy components - done by someone who couldn't get themselves a 49cm Paramount, or by someone who purposely wished (or wishes) to defraud. EDIT: The dual, not triple, rear brake cable braze-ons shoot that theory.

-Kurt