Trek 412 vs Bianchi Nuova V12
 

Trek is $225, needs a little work, some pitting in frame
Bianchi is $400, in good shape

Is the Bianchi worth the extra cost?

RJ the Bike guy voted Trek 412, see youtube...

If the Trek ain't too bad, I'd get that to leave a few dollar for maintenance.

I would lean toward the Trek myself but those are two very different bikes. The Trek 412 was a touring model with mostly Suntour components, and the Bianchi was more a sport model with Campy Nuovo Record components. The Bianchi was the more expensive bike new.
It all depends on which one fits you and fits your riding habits. The Trek will likely have lower gearing and a long cage derailleur making it better on hills.
The Bianchi will also be slightly lighter due to the full chromoly tube frame vs the three tube Ishiwatta frame of the Trek.
The Trek will likely ride better due to both the longer wheelbase and more forgiving geometry. The Trek also has a more classic look about it.

Like mentioned above, at only $225, you have plenty left over to fix it up yourself. If you get the Trek, and do a little work on it and don't like it, you will no doubt be able to turn a profit on it. The Bianchi, depending on how original it is will also sell for a lot more either in parts or whole in the right market.