I like those Aztec lugs... my 1955 PLX8 has them.
The bike has had the cottered spindle replaced with a square taper...those thread are still gonna be French and I can't see the bearing cups in that picture.
Velo Orange now sells French threaded cartridge bb's in a wide range of widths which is great.
UO8's are not made of gas pipe and are actually very nice riding bicycles with great road geometry... their tank like nature stems from all th steel parts that are attached and swapping those out for lighter parts turns an okay bike in quite a nice one.
That frame looks pretty well used so one would not want to pay very much for it.