Thanks Jonny. I've more or less decided not to try to do any painting or replating at this stage (although maybe replating later - the rods etc look fantastic when shiny) but just to clean it, oil it, protect it and ride it, as you say.
I grew up on a farm and the first thing we did with a new piece of machinery was spray it with diesel and let it get dusty, to give the thing protection.
When I get the rear hub clean I'l be interested to see if it's the so called silent one - the SW, produced only in 1956-7. It wasn't as good as they'd hoped and Raleigh went back to the AW.
I've already doused the saddle in Dubbin.
My wife is now jealous of my 'new' machine, and by a stroke of luck I've found this for sale locally for AUD350 (STG239), 40 years old but in showroom condition. We're giving it serious consideration: