Can this Simoncini be saved?

Thats the one picture that concerned me. Like i said i will be looking at the frame this weekend so will get better idea. The seller says it is surface rust but it does look heavy in the pictures.

That bubbling of the paint/rust around the bottom bracket area is the most ominous thing about the frame. It looks like rust that has eaten through from the inside.
Everything else is surface rust.
You could replace the scalloped downtube though, and it would probably be sound.
Depends what you want to pay for the renovation.