I have just restarted work on a Raleigh Pursuit ("Racebred") frame I aquired a while ago, it has a riveted Custom crankset, brazed on mounts for downtube shifters and appears to be a 20 inch frame, however I have a few questions;
1) Any ideas on age, the decal style suggests that it is more recent than others I have found on the web.
2) What size wheels should I fit? The frame and fork will accept 27" wheels but there is only a couple of millimetres between the tyre and the crown of the fork, is this normal or should I be looking to fit a 26" wheelset?
3) What is the easiest way to remove the current paintwork and get the frame back to metal? Paint stripper won't seem to touch the plastic coating/lacquer.
I'm sure you'll have finished this project now, but I only noticed the date of your post after writing the following:
Great choice, I have the same frame in red, same decals which I've estimated to be circa '78 to '82 Raleigh. As for the wheel size, 27" is the way forward, the clearance is always minute on the old racers so make sure you are not running anything wider than the modern equivalent of a 28C tread width or the tyres will hit the frame. Stripping the paintwork is slightly tricky with the plastic laquer, but a tried and tested method is to use medium-grade sandpaper down to the metal, then apply a decent primer before painting.
Best of luck, and if you fall out of love with it I'll gladly take it off your hands!