So being in the cycle trade pretty much since my time began I have seen quite a few bottom bracket shells with various cut outs etc but alas non like yours. With it being Reynolds 501 tubing it will be an 80's frame set, 531 was the tubing of quality frames in the 70's. So 80's saw 501 as standard cro moly frames 531 as the double butted frames, 653 as the lighter weight double butted frames and then the ultimate Reynolds tubing which was 753 which only certified frame builders allowed to use. I would have thought your frame unlikely to be Italian as most Italian frames were made from Columbus tubing, but the way to check, if you have the correct crank and bottom bracket tools, is that all true Italian frames (those actually built in Italy as opposed to mass produced frames built in the far east and then assembled by Italian cycle producers) you will find have both bottom bracket cups with right hand thread, where as all others including English and French has the drive side with left hand threaded cup and the non drive side right hand thread.
Do you have more pictures of your frame? as there may be more clues to the frame from the lug work pattern.
What is your plans for the frame?
I have a few classic bikes that I used to race back in the day, and would love a classic Bianchi to add to my small collection.
Being in the trade I have access to all modern bikes including Bianchi, Willier, and Cinelli which are all stunning Italian bikes but I do still like the classic retro Italian bikes although they are not a patch on the ride quality of the modern stuff but works of art in their own right.