It's gotta be the World Voyageur frame, like Kurt sez.

What about experience and opinions on why a Schwinn would end up so nicely labeled as a Raleigh?

Some of my guesses:
Pawn shop counterfeits were popular back in the 80's, but my experience is that it was Panasonics trying to pass as Cinellis. This doesn't seem particularly "value effective" a change.

Raleigh shop racing team that wanted their "bring your own bike" amateurs riding Raleighs? Bike doesn't show any race wear though other than garage dings on the top tube.

or maybe just weird scenes inside the Raleigh Goldmine?