Noah,
No problem to fix that frame. As you suspect, it will require a top tube and down tube replacement and a repaint. My guess is that the total repair bill will be around $1200 from most any top flight frame repairman and restorer.
Brian Baylis
La Mesa, CA
Here is a sad sight - http://www.tastydirty.com/
The bike was originally painted by Joe Bell and then repainted by Joe Bell. The owner's son wanted a bike to ride but could have used some more work on finesse. He ran the bike into a curb/wall/etc and the result is what you see. The question I have is whether this is reasonably repairable. It seems to me that it would require replacing the top and down tubes and paint. Any thoughts?
-- Noah J. Gellner New York, NY USA
http://www.cunninghambikes.com
http://www.tastydirty.com
http://www.topshelfbikes.com