Nice find on the Masi, it looks like a good bike, 105/Ultegra and all that.
Is this the one?
As for pedals, I don't think it's possible for me to recommend eggbeaters strongly enough. I had Look-style road pedals for a while and they worked ok, but the cleats were a huge PITA. You just couldn't walk anywhere in them without nearly falling and killing yourself.
I've had eggbeaters on my last two bikes and I'll probably never buy another type of pedal. The cleats are about the same size as SPD's, so you can put them on MTB/recreational shoes and walk around all day comfortably. Plus, they're the easiest pedals I've ever used to clip in/out of.