I agree. Every old Raleigh that I have opened up has needed bottom bracket service. The good news is that the spindles and races are almost always in great shape - even when running in dried up grease and grit. Get a cotter press; it will make servicing them much easier.

A couple of other things to note, you will need a new stem to go with with a modern alloy North Road handlebar since the clamp diameters are different. I have replaced the self-adjusting levers with the older forged type. I think you will like them better than the Tektros, and they will look much better.

Finally, I have had one old Raleigh powdercoated. It had been re-painted poorly by the previous owner. While nice enough, I don't think it is as durable as claimed (flaking on the chainguard), and it just looks plastic-y. Once you do get a scuff, you can't really wax it out like paint. I have seen some really deteriorated Raleigh paint jobs come alive after an application of Meguirs Scratch X.

Good luck, and be sure to post photos.