I'm still fiddling with this -- no answer yet, or even a clear direction, but some of this random assortment of facts might be useful to someone..
Meta: Is there any way to mark "read more" in an answer?  Sorry in advance for all the scrolling this answer will cause!
The code is 708 digits long.  Prime factorization: 2 2 3 59.  Unless they're being tricky by padding the ends, the chunk size must be 1, 2, 4, 6, or 12; the higher factors are silly.  This assumes, of course, that the code is based on concatenated chunks, which may not be the case.
Mike Stone suggested a chunk size of 3.  Here's the distribution for that:
    Number of distinct chunks: 64
    Number of chunks: 236 (length of message)
      275: ###
      279: #######
      282: ####
      283: #
      284: ####
      285: ##
      286: #
      287: ###
      288: #
      289: ###
      292: #
      293: ####
      297: #
      323: #############################
      324: #######
      325: #######
      326: ####
      327: ####
      328: ##
      329: #####
      332: ###
      333: ###########
      334: ###
      335: ######
      336: ###
      337: #
      338: ####
      339: ###
      342: #
      343: ##
      344: ###
      345: #
      346: ###
      347: ##
      348: ###
      349: ###
      352: ####
      353: #
      354: ##
      363: ##
      364: #######
      365: #####
      366: #####
      367: ##
      368: ###
      369: ##
      372: ###
      373: ##
      374: ##
      375: ###
      376: #######
      377: ####
      378: ##
      382: ###
      383: ###
      384: ###
      385: ####
      387: ##
      388: ######
      389: ##
      392: ###
      393: ####
      394: ###
      449: #
If it's base64 encoded then we might have something ;) but my gut tells me that there are too many distinct chunks of length 3 for plain English text.  There is indeed that odd blip for the symbol "323" though.
Somewhat more interesting is a chunk size of 2:
    Number of distinct chunks: 49
    Number of chunks: 354 (length of message)
      22: ##
      23: ########################
      24: #####
      25: ######
      26: #
      27: ######
      28: #########
      29: ####
      32: ##################################
      33: ################################################
      34: ###########
      35: ########
      36: ##############
      37: ############
      38: ##################
      39: ####
      42: ##
      43: ###########
      44: ###
      45: #
      46: #
      47: #
      49: ##
      52: #
      53: #########
      54: ##
      62: #
      63: #############
      64: ####
      65: ###
      66: ##
      67: ##
      68: #
      72: ###
      73: ############
      74: #
      75: ####
      76: #####
      77: #
      79: ####
      82: ######
      83: ###########
      84: #####
      85: ####
      88: ####
      89: #
      92: #########
      93: ################
      94: ##
As for letter frequency, that's a good strategy, but remember that the text is likely to contain spaces and punctuation.  Space might be the most common character by far!
Meta: This question re-asks a question found elsewhere.  Does that count as homework? :)