What is the frameset's tubing pedigree? It sounds like a great bike, and if the parts are in good shape, $150 would be a good deal for you. I really like the part about the frame being just your size ...
I recall seeing one or two G. Butlers in the early 1970s, and if I recall correctly, there is no relation to Claud, but I could be wrong.
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069