I did similar with a Holdsworth frame I picked up a few years ago that's a couple of years older than your Raleigh, it looks retro from a distance (especially as I can't do clipless pedals), I used what I had to hand (including the paint colour) and spent as little as possible (the only concession being the new decals and PlanetX Holdsworth chainset as they had them on sale at the time) but it's an absolute joy to ride and I've put a good few miles on it.
£20! This is better though, I picked it up from the tip on Wednesday - £6. RRP is £300
- I rebuilt this today, I needed to clear the space.... widomaker is sending me a rear mech to finish it. There were HUNDREDS of little paint chips, I used Humbrol Signal Red. Looks good up to about 2m away.
Then I had to finish this for a friend's son. It needed a back to bare frame re-build like the Frog. I'm waiting for some grips and need to buy a short stem. Nice bike though. My cousin just donated it - good lad