Bike porn

Not gonna call anti Ashe, but definitely a "speciality" variant of Gentleman's Relish.
You're right mate. Who would use a 48h front? Still, it does look Royce-ish, as you would know. The hubs are properly old though.

what it is in the rear one, some kinf of adjuster at 11 position?
Hutch Suntour 48h hubs (rear coaster).