Thanks! I'm rather happy with it, to say the least ...
Yep, the stem/headset arrangement is pretty rotten. I've not seen any reference to the Time fork or Stronglight headset being specced so it's possible they were both replaced at the same time, maybe in France? I hope it wasn't as a result of a smash, but there's no evidence of damage to the frame - plus I'd say the front wheel is probably original, and hasn't been trashed as far as I can see.
In any case, I have a nice retro-looking Nitto stem that will drop straight in for now, and the frame is screaming for NOS Campag or King headsetry. As well as being fugly the headset is loose and the flats are a bit mangled so it's had its day. I'm thinking of replacing the fork at some point for either a NOS carbon or cromo one with curved legs - primarily for aesthetics but also as this one must be about 15 years old by now.
Ah ... decisions, decisions ...
You lucky lucky Bar Steward
Very nice frame and such an amazing bargain.
One question though.... what's going on with that headset and stem arrangement ??