at last, somebody thinking out-side the box.
in theory it would answer alot of compatability issues, but remember that raleigh used the 1 inch headset dimensions intended for bmx, rather than the dimensions borrowed from road bikes. so, this will only work with bmx's, or raleigh mustangs/lizards/marauders
the 1-1/8 steerer tube measures at 28.6mm, and will obviously fit through a 1-1/8 headset, but will also fit through a 1 inch headset from a bmx which has an bore size of appx 29 - 29.5mm. its a close run thing, but by using really small bearings, (i used the ones that i rebuild bmx freewheels with) it all fits together. (winky i am sure knows what size they are. 1/8?)
but, and heres the thing, itll probably only last a few rides before it wears out. i will keep you posted though.