Ah, yes, could be. The paint is original. It was a NOS frame from an ebay trader who has sold a lot of saracens over the years, including some unpainted steel ones. I guess he picked up a job lot when Saracen went bust.
I just Google image searched for it and yes, I do think you're right! Excellent. Now to track down some decals!
Or should I leave it unbadged.... :?