Good call. I doubt I would pay $400 for a frame I would not enjoy without a repaint unless I was sure it would cost more to obtain an equivalent Nuovo Record gruppo. One advantage of buying Nuovo Record in pieces is its easier to assess the condition - particularly of the crank (spider cracks on the inside are not uncommon).
This probably started out as a Giro d'Italia - based on the white paint job and the Universal brakes.