I'm with Zaphod here on this. Yer Raleigh may be great for doing some kind of riding. But, as a matter of personal choice I would not spend a lot of money putting it on a diet if the frame starts out as heavy. I sidelined a double butted Hi-Ten Miyata for the same reason. I'd have kept it for a shopping bike and stuffed it on the shipping skids that came to Japan with my tools. But I have only so much room for bikes — not much!!. So I stripped it for the parts (as light as they were) and then had a chance to heft the nude frame with only the headset remaining. Confirmed — boat anchor!

I'd polish and wax the Raleigh, overhaul the bearings and use it for a transit bike to do errands. Spend a couple of hundred bucks on a CroMoly db frame (some people seem to just stumble over them in the dark and get them for nearly nothing). Build it as SS and see what it weighs. My Reynolds db 531 SS sure surprised me the first time I got it assembled — still does. The bottom line is this: if you are going to spend good money on parts, then start with the frame and get the bang for yur buck.

I know what you are thinking and feeling. I've been there too.