Don't let tejanotrackie discourage you its a fine starting point. i'm currently riding a Knackered Miyata Alumatech(a very similar bonded aluminum frame) with short drop outs and it works fine, That being said i wouldn't bother unless you can tell the frame has been looked after. as some people worry that bonded aluminum frames can potentially become unglued, although, my miyata is over twenty years old and been standing up to winter-commuter duty fine for the last 5 of those years, As i understand it these issues were mostly with Treks, Miyata's beeing comparatively better, i'm not really sure about the Raleighs

Are you at least getting the headset?

Don't expect to save any money with this build either(unless you can make good use of used parts), especially once you factor in your time, but that being said there's more to building a bike than price. It's all really easy actually, just take your time and make sure you have the proper tools.

and check out

http://www.sheldonbrown.com/ if you haven't done so already.