Sizzle-Chest

I just picked up a mysterious touring bike and was hoping someone might have some ideas what it is.

First of all, it has Campagnolo dropouts and fork tips, but frame decals that say Reynolds 501. I highly suspect the frame has been repainted because it looks like a thick, sloppy powder coat, so I'm wondering if someone just used some old 501 decals. Can anyone recall a touring frame made from 501 with Campagnolo dropouts?

Another clue is that the bottom bracket shell has the number 11 stamped on it. The "headbadge" appears to be painted on so it's not much help. And the components are all over the map, from a swaged Sugino crankset, to Mafac cantilever brakes and 600 wheelset.

Any guesses?