I just completed a time trial build-up of this '39 RRA as an alternate to the previously posted "club" build.
This was basically changing the wheelset to one using rare pre-war Conloy alloy sprint 700c (or 27" as they called back then) 32/40h rims. Front wheel is radially laced (as all RRAs were) to the original Raleigh racing hub with "R" wingnuts. Rear wheel is laced to a rare Sturmey-Archer AR close-ratio three-speed hub: this was the same hub used by the record breakers Sid Ferris, Charles Holland and Bert James in 1937-39 sponsored by Sturmey-Archer. I bought this hub nine years ago with the hope I'd eventually find a 23" pre-war RRA to hang it on to!
The difference in ride, handling and above all, weight, is astonishing: from 35.5 lbs before to 26.1 lbs and she flies now, just a thoroughly satisfying ride.
More photos and details here:
http://www.flickr.com/photos/9157103@N0 ... 776394551/