Joined: Nov 2006
Posts: 19,810
Likes: 597
From: NJ, NYC, LI
Bikes: 1940s Fothergill, 1959 Allegro Special, 1963? Claud Butler Olympic Sprint, Lambert 'Clubman', 1974 Fuji "the Ace", 1976 Holdsworth 650b conversion rando bike, 1983 Trek 720 tourer, 1984 Counterpoint Opus II, 1993 Basso Gap, 2010 Downtube 8h, and...
If this is a pre-Raleigh Phillips (and I think it is) you do have the option of other headset and BB bearings; but these bikes came with excellent bearings anyway so, so since you say they are flawless, I'm not sure you really can improve on them. If it's Raleigh made you'll have 26 TPI threads, and the upgrade options are pretty limited.
Alex rims -- you mean 700c? The problem is finding a 40H rear rim. You could use 32H rims front and back, even with the 40H rear hub. I'm not sure the fenders will fit, though. Or you can get Sun CR18 rims in the correct (26 x 1 3/8") size. Sure, why not?
Color scheme... white(or cream) head tube and white (or cream) panel on the seat tube will offset any color nicely. You might also do the mudguards and chain guard white (or cream).
Edit:
Oh, I see you don't have a chain guard. Might want to pick one up before you paint the rest!