I am the original owner of a 1980 Raleigh Competition GS. It's been my every day ride since it rolled out of the bike shop. Yours definitely looks like one of the family.
Mine still has the original drive train (SunTour), brakes (Weinmann) and wheels although most of the decals have blown away and the paint has been rubbed raw in spots. Replaced pedals and tires. Added a 6th gear to get my older, heavier self up the hills that formerly required only 5-speeds.
It appears that my bike is with me for the duration so I brought it to Assenmachers (Swartz Creek, MI) for a complete paint job:sandblast, primer, original black, clear coat and new decals, pinstriping. In order to reduce the chances of potential scrapes from clamps, braze-ons will be added for bottle holders and shifters. Steel frames allow that.
See
www.assenmachers.com for refurbishing frames. Matt has a complete "body" shop for vintage bikes. He should also have a body shop for vintage riders.