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I think thats a world of pain, just to get refinished, plus you don't know if any of that rust is on the inside. Particularly with thin custom extruded tubes, I'd steer clear, or get it for beer money and take a chance once its blasted. It looks like its had a very tough life. Then of course you have to ask the question, will the seatpost, stem and bottom bracket even want to come out. The straight forks will be right, its a Colnago thing on some models. Think it's called Precisa.
I'm temped to buy this, but don't know much about Colnago's.. Does anyone know more about this master piu, are the straight forks original? Is it worth anything in this rusty condition?