Cleaning up the fixed wheel late last night I noticed this under the grime. It's not all the way round, but is quite a pronounced 'gouge'.
Either the frame has cracked, or I've hit one pothole too many too hard and it has flexed the frame enough to crack the paint. Pah. Rode it in this morning and it felt fine, going to keep a regular check on it to make sure.
don't know how much it would cost to sort, but part of me thinks it would be easier to get an old frame and port the parts across (including the forks, 1" steerer tube y'see) or look at something like a Pompino frame. But for the time being it's a watching brief.
EDIT: should have said, it's on the non-drive side chainstay a couple of inches from the bottom bracket.