Unfortunately, no, it does not exclude the Uberti guns. The "Inspector Series" guns were introduced well before the "all American" claim could be made (approx. 2001/2). That being said, $1250 is not a bad price for ANY of the Inspector Series guns.
One of the tell-tale differences between the Italian parts guns and the all U.S. guns is the shape of the cylinder flutes. The Italian parts guns have flutes that are more "pointed" at the end and extend beyond the bolt notch. The U.S. guns have cylinder flutes that are more rounded and end about even with the bolt notch.
I, for one, Think that too much emphasis is placed on the Italian vs. U.S. parts differential, especially when it comes to specialty guns like the inspector series. One has to remember that the pre U.S. guns, whether imported in whole or in part, were hand fit and finished here in the U.S. to USFA standards. Fit and finish of USFA "parts guns" far exceeded anything that Uberti was importing.
That being said, my only concern would be the bold "drag line" that you mentioned. If very minimal, I would go for it. If excessive, I might pass, knowing that another Inspector Series gun might not come along again at that price in the very near future.