Great job on the fenders. Show us some photos of the rest of the bike. I look forward to seeing your progress.
I just bought a 1973 Raleigh Twenty today from an old Englishman that thought it was from the 50s. It is pretty good shape, I just need to clean it up a bit first and see what needs to be done then. Mine actually has the working air pump, but it is missing the chain guard.
Here are two photos of mine on it's first day of life after 15 years on non-use.