Bike Forums - A cannibalized Viscount?

I bought this bike some time ago as part of a package deal with some others. I never gave it much thought as it had a bunch of really cheap components on it. The other day I tokk a closer look at it and now it has me wondering as to what it is really. At first glance again it seemed like a lesser model as it was adorned with a set of unmarked cheap centerpulls, the front being chrome steel. The wheelset is a couple of cheesie no name with steel rims and hubs. The front derail was a Shimano low level job and the rear is a Simplex that I have yet to id.
The bike had a cottered crank and the bottom bracket shell is tapped for standard English thread. The stem and the bars were cheap steel pieces as well.

As I started to tear the bike apart I became uncertain of the originality of the bikes pedigree. For instance, when I removed the rear derail (which was a axle hanger type) I found it to be hiding a original permanent frame mounted hanger. Ok I didn't catch that at first! What the heck? Then when I pulled the cheap Varsity like seat post clamp I saw that it originally was a permanent clamp frame but the clamp ears were broken off. Then I tried to pull the cranks and BB. They really were junk! Steel chainwheels and a unknown brand BB. When I removed the cups I remembered that Viscounts had pressed in cups. but this one is threaded... huh?
I finally had the frame stripped of the crap and gave it good looking over. I have never seen a Viscount in person before so really did not know what I was looking for but it did seem like a better quality frame than the parts indicated. The labels clearly stated "Made in England by Trusty" as well it has the same Viscount "shield" logos I've seen in photos and the "Aerospace" model decals too.
The bike had a chromed steel fork but it seems like it is a low quality unit that shows seams along the back of the fork legs but the cups and headset are marked Tange.
So is this a genuine Viscount or what? It make little sense to me that someone would purposely build such a nice frame and then install such junk components.