Nice to see a Spence Wolf touring set-up, as diversity from the Camp. NR racing spec. I have literature from Cupertino Bike Ship from 1975 on touring bikes and components. The components of this bike seem trademark Spence. I detect tied and soldered wheels which were strongly recommended in his literature. Only thing that looks different is the TA chainrings are larger than he recommended in '75 (28-42-47 suggested for touring application). Weinmann levers with QR lever release were a functional substitution with centerpulls.
I recently purchased a Wolf-Alpine Campagnolo NR rear mech. to compliment a Cupertino-Alex Singer, and it seems suited to 26t max large cog in the rear per ordinary NR mech. This machine appears to have a 30t or 31t large cog with the wheel axel centered in the dropout. Wonder if it shifts to the large cog while in the small chainring?
My Wolf-Alpine is '75 and includes a screw in the top of the derailleur body so you can adjust the angle of the body. The earlier version on the Cinelli doesn't seem to have that feature (not that it helps much, and it limits range of motion when swinging the derailleur back to remove the wheel).
John Siemsen San Luis Obispo, CA