Ok, back from the bike shop. It's got Carbolite 103 tubing (so it feels lighter than the straight gauge steel I'm used to, but no way is it as light as good steel... got to compare some at the shop), and appears to be a PH 10-ish model. The drive train is definitely not original, but most of the other elements of the bike are about right. Weinman 730 sidepull brakes, original looking Peugeot brand saddle, Weinman rims.

Since they're asking an almost new price for it, I don't think it's a very good deal.