Plus one wrote:
Stem can easily be lowered I'm flexible
Been over this before .. Back in the day large frames seemed to be order of the day with very little seatpost showing ... I come from compact geometry era and ride 54's.. Granted this is a 53" but the 10mm extra on the stem it feels fine.. I've done few rides upwards of 60 miles with no problem.. But she will never be a daily rider and I'd never get one as beautiful and in as nice condition as this
a 54 with modern oversized tubing is the same as a classical 55 and you are already 2 cm off target. Then add in the fact that classical tubing/seat lug was never designed to take the leverage exercised by a long seatpost and not only does it look clown-like, you are also quite likely over-stressing the frame. An all around bad idea! The bike is, as I have already mentioned, nice, but far from being anything particuarly special or noteworthy. There are literally thousands of bikes out there to choose from, whether you want to stick with a Ron Cooper frame or some other brand. Your frame will bring in sufficient money to allow you to replace it with something much more suited to you in just as good a condition. If it is simply meant as a show piece, then simply lower the saddle to a sensible height.