I'm using the English audio for the bulk of the audio and dropping the Italian audio in where needed. I made a wav file of the title song from an .mp3 which sounds quite good (the .mp3 was encoded at 320 kbps or whatever) and used it in place of the title song on both tracks and by starting it on the logo, the song ends at the right place with Lenzi's director's credit (it also has some nice stereo separation). I have both audio tracks on the timeline so if there is a non-dialogue scene that sounds better on the Italian track then I'll use that which is easy since the Italian track is already in sync with the video. And, of course, when I've exported the audio, I'll normalize it and see how much if any noise reduction can be applied (with Audacity's plugin, a little goes a long way).
I think this project will much easier than previous project I did where the widescreen image I was working from was riddled with print damage and missing frames at the reel changes.