I don't know anything about Italautos.
Recon engines are a bit of a mixed bag.
There used to be places with a big bonepile of parts who would lash them all into one good engine with some Hammerite slapped on the casing to make it look new. I am not against that but it costs a lot less to do.
I'd be looking to find out what has been replaced
(e.g. Big ends, mains, thrust bearings, oil pump, piston rings, all gaskets and oil seals, valves re-seated or lapped etc.)
what work (rebore or honing, crank regrind etc.) and what kind of mileage, history etc. the engine had before being reconditioned?
"The engine revs like a fat hamster’s heart, releasing its goodness in thick blobs all over the power band, a task made all the more accessible by a gearshift that’s as easy as a Northern *****." Troy Queef 2009