Disassembled it last night. Amazing how much crud gets into the BB. No sleeve, of course. The balls were all loose, but there, 11 per side. I cleaned it well with soap and water, sprayed the frame out with WD40, and after allowing it to dry, I managed to get all of it back together. Cottered cranks were pretty easy to work with.
Headset was all loose BB's, 23 per cup. No issues.
Most of the rust cleaned up pretty well, the cranks look almost perfect! The hub will get a good dose of oil and then I'll take it for a spin today to see what the difference is - should be major.
Also, the machining and general parts quality is horrible - 3rd world, really. The spindle, races, everything looks very slipshod. However, once I got that BB back together, it has almost no play at the crank ends, and spins very smoothly.
Some guys have all the luck. I've never worked on a cottered crank that didn't end up going to the LBS to get the cotters pressed out.
With Raleigh 3-speeds, it helps to remember that these things are all essentially 1950 bicycles, and intended for the masses -- they had to keep the costs down so the finished bike would be affordable. The upside is they're damned near indestructible. Your LTD is new enough to have the self-adjusting brake levers, too -- they're pretty clever.
Just don't take on any long, steep hills and you'll like it fine.
By the way, for anyone doing a search about replacement tires, the walmart types mentioned fit perfectly, 60PSI and they roll great. Reflective sidewall even, and gives it a subtle white-wall look that is fantastic. Gonna miss that bike.