Well, it's red, instead of "Celeste," so I think the Bianchi fanatic desireability factor goes down a bit (cut one open, they bleed Celeste, it's true), and if it's the Sport, it's not a high end frame.
But just for reference, I bought an 84 Campione d'italia for $100. It had no saddle, no pedals, no brake levers, and mismatched wheels (couldn't really use them) with no tires. The rear deraileur was all locked up and rusty, but the front deraileur and shifters were pretty good. The headset and bottom bracket were in great shape though.
To me it sounds like a great deal, but it's hard to get any decent bikes here that have horizontal dropouts. So it really depends on your local market.
I say either buy it and upgrade it as you go (since the frame is better than average, you can justify good components), or just ride it as is and if you feel like getting a better bike down the road, you'll always be able to sell the Bianchi for $200 ish.