One of my co-workers has one of these bikes, and once you get past the Sears name, it's not a bad bike. Campy 1010 dropouts, full 531, indifferent lugwork, but a nice ride. He's owned the bike for over 20 years and has replaced most of the parts on it as they've worn out. He rides it daily as a commuter, rain or shine.
Regarding the Ted Williams Sport Racer, this was a Puch Bergmeister with Campy Record derailleurs. I also owned one during high school and raced it until I got the bike of my dreams - a Frejus!
Cheers,
Mark Ritz
Arcata, CA