It's a Bitsa
Bits of this and bits of that, definitely not a race bike.
Although I don't disagree with you, I'm curious why you came to that conclusion? All the street stuff looks like was added as a after thought. I can't figure out why someone would go through the time and expense of building such an elaborate frame. Apparently it had high end Fontana wheels and other bits and pieces too.
Oh, I also didn't mention that the license plates last tag was 1978....