Hi AirRicco -
If you are going to keep it , spring for the aluminum wheel set (I believe your bike requires 27 inchers, and used 27's are sometimes available used in good condition because some people "upgrade" to 700c) -or brand new, they'll set you back about $80
- Either way its worth it for a keeper, since the weight/ride and braking will improve a great deal. Do make sure the one you get is specific for a screw-on freewheel, not the modern cassette hub.
You probably already know this if you are re-building your Schwinn, so forgive me for restating, but if you buy used, make sure you replace the wheel hub bearings and grease. You will also need the correct freewheel puller to remove the FW from your old wheel.
While you're at it, you should do the crank bottom bracket bearings as well.
The Park Tool website describes what you need for all these repairs, and the tools will cost you no more than what a bike shop would charge for service so I suggest you DIY.
In summary, I am sure you can look forward to having a very nice looking/riding and bike with this Raleigh! It will look great with your Brooks too.
-Don't forget to Post pic's on the main C&V forum when you're all done, so everyone can see.
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- Auchen