"I bet this bike is very heavy with lead pipe tubing."

The presence of the Simplex drops suggests otherwise. They would not be found on a lower level frenchie from this period. The decal sets on French bikes generally stayed pretty consistent thru the model range-- the decal set on a AO8 (low level peugeot) does not look much different than that on a PX10 (best peugeot) from the same period, for example, so that's no clue as to quality. Half chromed rear stays, like on this bike, usually indicate a better frame as well, though not always.

However, the comments about French parts are correct. Probably best to buy a French frame only if you're really inclined to tinker with the frame yourself, and don't mind the search for parts. They're not as hard to find as many suggest, but they do tend to mystify a lot of LBSs.