I wonder if someone had that chainstay ground back to clear a modern hub/cassette. Richard is well known for advocating using a lot of filler at that joint. In fact, it looks like that is past the end of the dropout
I would say the number of people that are collecting bikes like this has been shrinking fast. I'm not really interested in them any more. Have thought about building a racing bike up, but it's not worth the room it would take up in the garage.