Mark, I call it entry level because thats what entry level bikes had. If the bike is from '86 or later and doesnt have index shifting its, without a doubt, entry level. Not calling it entry level is like saying a bike with full Dura-Ace isnt high end.
As Far as putting Shimano on it with friction shifters, what else would they put on it? Suntour with friction shifters? Dont confuse entry level with 'cheap' or 'not nice' or 'bad quality'. Raleigh may have had bike below that model in their line.
To be honest with you Schwinns of the mid-eighties were nicer bikes than Raleighs of the mid-eighties of equal prices of course. If you look around I'm sure you can find a nice Peugeot with indexed shifting for under $100. Now that would be a nice bike!!