John,
I remember seeing this at VR and talking to you about it. As I mentioned, it would take a large bunch of cash to put this back in order. It is possible. If you have or are going to collect up the proper parts for it, maybe you can justify the project, but it will never wash moneywise. The thing is, as it sits I assume you can ride it. If you put it back to original chances are it won't get much use. In the case of a track bike, one expects that anyway, though.
I do know someone who specializes in that sort of work if you are inclined to undertake the project. ;-)
Brian Baylis
Vintage Cycle Studios
(619)449-5977
http://www.VintageCycleStudios.com
Ugg! The link wasn't precise enough. Try this:
http://www.wooljersey.com/
See 1960's Cinelli Pista Strada in "Velorosso's Photos".
John Siemsen San Luis Obispo, CA