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@benbrangwyn
Buggered threads on the fork steerer shouldn't affect the stem. The stem only interacts with the inside (unthreaded) part of the steerer.
Might be a daft suggestion, but what about trying to attack the stuck stem from the other end. The forks will have a hole in the crown that matches up where it meets the steerer. You could stick something in that hold and get your big bommie knocker out and hit the mofo in the correct direction - ie upwards. Just be careful not to damage the fork legs.
I think it's a lovely frame, 'specially with that sexy chrome rear end, and it's definitely worth turning into a useable bike. If I was in London, I'd take it off your hands and give it a good thrashing.