Nice specimen Auchen. How much of an overhaul should I expect to have in a 30 something year old bike like this? I guess this depends on the bike of course. The owner says he has NOS (new old stock) rear cassette. I'm not a collector yet.... emphasis on yet, just looking for a fun bike to ride to work, and maybe do light touring. The Raleigh Grand Sports has been ridden, so it should run fine.
On another note, I also found a few old Raleigh Sprite's on ebay, two bidding tomorrow, but have no way to test them, they would be exact size needed based on what I know from measurements for me and my wife in matching colors...... all very romantic, but not so romantic if the derailleur locks up in traffic. Here's one currently on ebay:
http://www.ebay.com/itm/Late-70s-Ral...#ht_945wt_1398
Looks like they've set up for a long time, so I imagine they will need major tune up.