Looks like an Italian version of the classic Spirotechnique Mistral.
I don't know the business details between Technisub (from Italy) and Spirotechnique (from France), but Technisub became part of the Spirotechnique group of companies (just like US Divers, now AquaLung).
The very interesting part of that regulator is the mouthpiece with the "dive surface valve" used to switch between the regulator and a snorkel. A snorkel would attach on that side opening. I have seen a couple of mouth pieces like that offered as after-market options.
That regulator can be easily serviced and brought back to be in a great diving condition. All the replaceable parts are being reproduced and they are offered at VintageDoubleHose.com as rebuild kits. Or you can send it to Bryan and he can re-build it for you.
I would definitely dive the regulator, but for most dives I would save the hoses and mouthpiece as a collector item. You can replace the hoses and mouthpiece for everyday diving.
That is a great regulator.
Note: In the Minnesota area there are several divers that use vintage double hose regulators on a regular basis. They are great guys and you can easily hookup with them to learn the peculiarities of diving a vintage regulator. It is easy and a lot of fun, but there are some differences and it helps to have some guidance.