In general, I think EBay is - at best - a source for fixer-upper and obscure bikes at value-prices. Those are the types of bikes that I normally purchase. The prices for fixer-upper bikes are often reasonable. On the other hand, in most cases when I have bought a well-known make/model that is advertised as being in prime condition, I have paid premium prices and there is always a disappointment.
For example, my recent Raleigh 74 track frame in Good condition had a drilled-out rear brake bridge which was not disclosed in the auction, and a very minor dent on the rightside 'P_r_o_f_e_s_s_i_o_n_a_l_' logo. The frameset sold at a price that was within 15% of other un-molested frames in much better (VG, Excellent) condition over the past few months.
It sounds like for $475 you got a badly-repainted frameset, a bent crank, bars/stems/brakes, hugs, and some rusted rims. The rims, if they are straight, can be rechromed and the crank can be straightened. The rest of the parts may not be fixable. That is very unfortunate. There is one good thing, however. You probably saved yourself 100 hours of ebay-surfing time, trying to find the parts you DID get ...
On the plus side, the parts that were ruined may not be difficult to source, i.e. a new B-17 saddle, fenders, and rear cog are probably not going to be very difficult to source. And, nobody expects to see original tires or an original cog in operation on a 1950's bicycle.
- Don Gillies
San Diego, CA, USA