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@FredyCro
The frame looks nice and in good condition, but the hi-tension steel and stamped drop-outs are usually a sign for a lower class (heavy) frame.
I wouldn't get overexcited with a proper road bike build and expensive parts.
Check if the clearances are for 27" wheels. If yes, 700c wheels with nice fat (32-35) gum wall tires and hammered mudguards would fill in the gaps and Shimano Arabesque or 105 Golden Arrow would be a nice look. Good luck!