Small update on this.
Got most of the paint removed with the use of old style Nitromors, even then it's still a bitch as there were 3 layers of resprays, the crappy purple with the decals over the top, a silver and then the original light blue powder coat.
It has revealed a brazed repair to the drive side dropout at the rear which would probably explain the lack of original Deore rear mech. This appears solid and well executed so I wont tamper with it.
I will be going to see the powder coaters this week sometime to see if they can strip the rest of the paint and also if the stem can be coated in it's current very scratched state or whether it needs a bit of smoothing first.
I have ordered the new axles and a cartridge BB for it as the open bearing stuff was always more hassle than it was worth and I ride all my bikes.
Need to order up some machine polishing wheels for my bench grinder as the bars have the same very scratched finish as the stem and they need serious work with first wet and dry paper (have started this) and then a decent machine polish.
Still have to get a seatpost and pedals and sort some decals.
Going to finish it in the catalogue 'Electric Blue' rather than the lighter powder blue it was originally finished in. This is odd in itself as the colour was never offered even as an option but is in the sub pic in the catalogue here: http://www.rideandrepair.co.uk/Retrobike/Saracen_1987.pdf
So a few or maybe just one of the prototypes were obviously made in that colour as it was on the steerer tube of the forks and under the layer of other paint but it never made it into production, but it is quite nasty.