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@roobay
Its a Pinarello made by Pegoretti when he was working a Melani the guy who refinished it said that it was used on the Milk race by a pro and if you look at the lug where the number would have been displayed this was not a off the peg steel bike
here the under bottom bracket shot
http://i263.photobucket.com/albums/ii156/johneroberts/0573deca.jpg
I have a friend with a Pinarello Sestriere and it has the same markings but no number lug fitted
Heres a picture of a Similar off the shelf Sestriere
http://corpusfixie.files.wordpress.com/2008/11/27.jpg