Can you help put a brand to this frame.

[voltface]

I have recently been given an old racer from my Dad, which he bought from a cycling enthusiast he used to work with. However, when he got the bike, he decided to spray paint it a hideous navy blue primer colour. Now since i have it, i am attempting to refurbish it and after sanding away some of the top layer colour, i was curious if anyone could tell me the make\brand of the frame from the markings left behind, or by the features of the frame. I know it may be a long shot, but i really do want to know. i was told the original colour was a light\sky blue if that helps, and where the wheel would attach it says gipiemme, which i know are wheels, but i thought maybe it was a feature of a certain bike.

http://img571.imageshack.us/i/photo199f.jpg/
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[e-rider]

It's difficult from the pictures you have supplied - I would need to see ALL of the markings that are on the frame (either stamped or old decals) and good quality pictures too. I think it's probably realistic to identify this bike - does it have a frame number?

 

[voltface]

It has a number stamped on the bottom of the frame, i have googled this, but it has come up with no results. Can anyone tell me where i can find a site to confirm what make it is. it is 720701 i think, hopefully it means something to someone. cheers all.