I have a Davidson I got off eBay in the garage. Had rust that wasn't disclosed by the seller (I only paid $200 though). One of the best bikes I ever owned was a Davidson Stilleto. Total crit bike, 75 degree head angle, but rock solid at 50mph downhill. Amazing bike.
Hopefully the frame is 1cm *bigger* than recommended. I find that most people ride road bikes that are too small, based on old school advice about nad clearance. Grant Peterson has some great things to say about bike fit at
www.rivendellbicycles.com (or at least used to...haven't been on the site in a while).
Use a high-rise stem to get more upright.