Pretty bike! My Holland has a 3ttt stem, and I didn't know they still made classic components. I haven't been following groupo developments. What's that Crankset?
I think this guy (the one whose bike I found hanging in his underground garage) is looking at some major tube replacement. If one of those is the downtube, on the the Colorado it may be hard to duplicate. It's not only butted, but I understand It's tapered as well.
Joe Bell charges $250 each to replace damaged tubes.
My biggest concern would be what looks like a rust stalactite hanging from the pinch bolt behind the seat cluster. If the seat stays need replacement too, then the bike could end up with nothing left of the original but the lugs and bottom bracket shell.
Still, if he had the resources, it would still be worth it. Lugged steel frames are mostly custom made now. My insurance company had agreed to pay up to $7,500 for one of the rare exceptions - a new Colnago Master X Dura Ace - after I gave them the numbers for a custom frame.