I Klein a go-go

I got this Klein Quantum a little while ago. It was cheap. And then I realised why. There's a frame defect (see pic below), which I must have thought didn't look too bad on Ebay, but in the cold light of day was a bit more bothersome.
Anyway, I still like the look of it, mostly because of its big, fat tubes, which might make the basis of an interesting paint job.
At present it's a sorta ice/silver/fade, which looks cleaner in the photos than it does on a cold, grey January morning. So, there are a number of options, but first, is it even worth giving a go?

There's a crease in the downtube, which could be a major problem structurally, or not really depending on your view. I'd like some opinions please. The obvious course of direction is just bin it and avoid the risk. In contrast, the crease is easily fillable, pending a respray.

If a goer, then the options running through my mind are as follows:
1: Clean and shine frameset as is and apply new wheels running gear. Rear spacing is 130mm, so a new wheelset will work. I also have a Tiagra groupset ready to go, or black Ultegra from a donor bike. Doing this, at least gives the option of test riding, before investment in new paint etc.
2: Strip down to frameset, blast clean and send off for new paint. I'm loving the paint thread in Framebuilders and would be interested in going down that route. Whether that includes the fork or not is moot.
3: Strip down to frameset, blast and prime ready for a Sharpie Pen doodle scheme.
4: Strip down to frameset, blast and try my hand at DIY fade job via rattle can.

So that's where I'm at. Thoughts anyone?

More pics here:http://s432.photobucket.com/user/Luigi1936/slideshow/I%20Klein%20a%20go-go

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