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@FreeBornAde
I think we need to see closer shots of the lugs, stays, BB etc
For what its worth, I am pretty certain thats not an Olmo.
My Olmo Competition, from the early eighties, was engraved with 'Olmo' at the top of the seat stays, a logo on the rear brake bridge, OLMO SPA on the cut out BB shell, and Olmo engraved fork crown. Surely its not all been filled in ? I suspect there are no engravings at all.
As I remember, the only Olmo frames available in the early/mid eighties, in the UK, were Columbus SL. So 27.2. The 26.4 suggests a lower quality tubing. The only importer in Britain was Settle Cycles. Olmo frames were incredibly rare in Britain until the nineties, and were never common. I never saw a cheaper one than the Competition, and never saw one without engravings.
At that time, most, if not all Italian frames were considered quite exotic. Nearly everyone rode handbuilt British frames. Italian frames were unusual on British roads, and as such, were expensive, and engraved. Benotto, Gios, Olmo, Colnago, Pinarello, Tomasini.....all engraved, and all 27.2.
The Olmo chainsets were sold by Settle cycles. They were no more expensive than the standard items, and don't really give any provenance to the frame.
I may be wrong, and my memory may be defective, but I don't think its an Olmo !