At the very least I'd check that, as Dave said, that there's no wrinkles or kinks in the tubes. Big cracks are obvious - normally the paint will crack too, especially a paint job of that vintage. One easy check that you can do at home to check that the frame is at least straight involves such rocket science items as a long piece of cotton thread, a piece of tape and a ruler. Tie one end of the cotton to one of the rear dropouts, run it around the headtube and all the way back to the other rear dropout and tie it off. Tape the cotton thread to the middle of the headtube so as not to 'catch' on the lower headset race. Make sure that each tie off point on the dropouts are oriented the same. All you need to do then is measure the distance from the side of the seattube to the cotton. It should be the same on both sides. If not then something is bent. It's a basic test but better than a poke in the eye with a sharp stick. I've had a handbuilt custom frame that didn't pass this...