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? :)