I rode race bikes in the early 70's and a lot of bikes had all bolt on cable guides. At that time it was fairly common to see drilled out bottom brackets. Guys would drill hundreds of holes in their aluminum front sprockets. The rear chain guide at the bottom bracket is redirecting the cable back to the chainstay cable guide which is right. Those are two water bottle holder clamps on the down tube. In my day they did not have brazed in bottle holders like today. That came around the time of the MTB's, late 70's or early 80's maybe. It looks to have a Cinelli like rear stays where they come to the seat post. The seatpost looks like a downline part. Not something like a Campy post. This may be a somewhat cheaper bike than an outright racer. That said this is probably a fine bike if everything is straight. Did it have a tubing decal on it? That will tell you a lot about the bike frame quality. 700c will fit but maybe not real big tires if the bike was made for running sew ups.