Not everyone thinks a track bike is the ideal bike for the road and there was a time that 25 pounds was considered a fairly acceptable weight for a bicycle and a 70's lightweight was in the 20-21 pound range.
Slack frame angles and a longer wheelbase come together to make for a much better ride and this bike would look so much better with some old school box section wheels, some moustache bars, and a Brooks saddle as it will never be a lightweight.
Those Varsity frames are obscenely heavy... but very cool to look at with their electro-forged welds.