Sheldon's tool does work if you get it TIGHT and turn it the correct way. However, as gmt13 noted, if your frame has Raleigh's proprietary threading (26 tpi, not the much more common 24 tpi of English threading) very few available bottom bracket will work.

Phil Wood ($$$) does make Raleigh threaded cups for their square taper cartridge bottom bracket and sells Raleigh threaded external bearing bottom brackets for use with Shimano or SRAM cranks. Otherwise, they are not easily found and certainly not in other cartridge or external bearing formats.