You're in Seattle already so that thing is a stones throw away. I say if you are in the market for a bike it's definitely worth taking a look at. It's definitely a looker with those chrome crowns and that chainring looks dead sexy and unique amongst what's being ridden around here.
You'd probably be able to get him to lower the price quite a bit. It's not French like you wanted but hey. Actually I drove up to Shoreline last week to look at this Peugeot, and let me tell you. Sooo disappointing. I thought I was on to something when the lady who answered the phone had a French accent, that thing was so rusted and beat up. This atleast looks like it may be worth the gas that the trip takes.