See here for full spec:
http://www.cyclemuseum.org.uk/ncl/pics/ ... %20Library
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They were a low range model so it didnt get a reynolds frame, but as said above the old raleighs are very tough. If its a 21" frame or smaller they are fairly light anyway.
The gears, brakes, wheels etc will be steel with chrome plated ((if still original), they will be heavy & prone to rust compared to alloy. You could replace these with retro or new alloy bits to make the bike lighter, smoother and easier on the eye. Dont go too mad on the spends though, i saw a 1988 mint Elan (top of the raleigh reynolds 501 range with shimano exage biopace groupset) on ebay for £70 BIN recently!
Well worth fitting a 7speed shimano screw on freewheel cassette, for more gears and it will transform the ride smoothness and gearchange. They are only £15.