Sorry I missed this earlier posting. It looks a real mix. The head badge was used on bikes between about 1985 and 1990 and I would guess it was just used to finish the refurbishment without being period correct. The components are interesting with what looks like a Campagnolo rear mech and an SR Apex trillium chainset. However these were never fitted to the same bike by Falcon so feel like an owner's upgrades. Maybe it was built up from just the frame? I can't quite identify the brakes but they look newer than the frame.
The reason I suggest the frame is clearly much earlier than the head badge is that it does not have brazings for the rear brake cable, which were usually fitted from September 1980. There are also no brazings at all and nutted brakes, all seeming like a 1970s frame. I have never seen the seat post decal (and I have photo records of over 1,000 Falcons) which is definitely not a Falcon one. It was probably a one-off just for this refurb.
What is the decal on the top of the seat tube? Is it a dealer's label? If it were one of Falcon's better models it would have had a Reynolds 531 decal and if the original had one, why wouldn't one put a replacement as part of the refurb? The weight of the frame on its own and the seat tube internal diameter would tell if it were Reynolds tubing. Consequently it is impossible for me to identify the original model.
Final thought, does it have a frame number under the bottom bracket?