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Cheers uber, and yeah I am always and ever a pragmatist, but if I can I will still try to remedy this as fairly as I feel is appropriate.
Either way, frame notwithstanding, the components can always be used on another bike, and there may be a workaround that I haven't yet considered.
Anyway, I'll keep you all posted as to how I get on with this! If I can find a shop that can ream and bore then I'll go down that route... We shall see...
matteroftaste
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Don't get yourself too wound up then, there's nothing really stopping the chap buggering off into the night with your cash with no comeback unfortunately, as much as I wish you luck.
Either way, he clearly knew the threads were fucked and it seems he's either bought a non-italian threadless bb (i.e 68mm instead of 70) or the BB shell itself is too deformed to even take a 70mm one, in which case the whole thing needs replaced which is not likely to make economic sense.
As with most things, name and shaming is probably the only way to either prick his conscience or at least make everyone else conscious that he's a prick...