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Yes very plausible, this looks very custom made bike, some parts are later addition, stem could be one of those - for an example headset is 1st gen Record, so late 60s, hubs BH Airlites, frame spacing is 114mm at rear meaning 4speed perhaps or single as it is now etc.
Stem is in great condition too, not sure how as some parts are not, like headset, perhaps it was properly covered?
Foreigner65
Stem could be builder made. Back when I worked in a bike shop there were some stems made of 531 (I was told) brazed by the frame builder and chromed by our local platers (Wenlock plating).