The pipe is NE also as I would guess exhaust manifold, that is not helping his bike, with the 24" wheels, 26" fenders, Taiwan saddle, and an apparently non-orig color? Those wheels are not factory NE, BUT they are not orig style either. Book rack looks like some of the re-pops I sell, also.
It is a nice looking bike at first look, BUT will require many bucks in parts if someone wants it to be "right". I would just guess that the pedal crank, stem, and bars are modern also and NOT Wald.
It would be difficult to get good money from a collector, as it needs a lot to be a true restoration, IMHO.
Mike