I'm not sure if this is where this post should go, but it seemed best.

I won an auction for a 1974 Raleigh Sports frame and fork, along with the bottom bracket and headset. No wheels or crank. I don't intend to restore it or anything, I plan on simply turning it into a fun and good bike to ride, using modern components where necessary or easier.

I have no experience with these British bikes, though. I've learned a lot from reading Sheldon Brown and the "For the Love of English 3-speeds" thread. I think I have a handle on a lot of this stuff, but I have some questions and I'd like some ideas and opinions on this project.

1. WHEELS - I'd like to go with a more modern wheel size, either 700C or a "proper" 26" rim. It's unclear to me which size is closer to the original 26x1-3/8 wheels. As I'll explain later, I may or may not go with a simple coaster brake, so wheel size may be irrelevant. However, if I do go with caliper brakes, are 26" rims only going to cause me problems with reaching the braking surfaces? Brown seems to indicate so, but I'm not sure. And, if I go with 700C, is the tire going to be so far up into the fork that I can't fit a reasonably chunky tire (1.75")? Is there a compelling reason to go with the original wheel size, outside of "correctness"?

2. BRAKES - I'd LIKE to go with a coaster brake for simplicity's sake and to eliminate cables. However, it's hilly around here and I'm kind of a fat bastard, so I'm a little worried about fade or overheating. I haven't been on a coaster-brake bike since I was a scrawny kid, so I don't have any recent experience with riding a coaster bike to know what it's like for me now. I haven't worked with caliper brakes in quite a while (only cantilever), so I'm hoping someone can recommend some decent-yet-economical calipers that should work with 700C rims and tires on this sort of frame. If I go with a 26" rim, I'm probably just going to go coaster.

3. REAR HUB - I've already eliminated the SA 2-speed kickback hub...too many people seem to have serious problems with them. I'd LIKE to go with the SRAM 2-speed hub (with or without a coaster brake; again, to eliminate another cable), but I worry about having a sufficient range of gearing with just two speeds (hills, fat), unless I use a big rear cog and bring the whole range down. The SA AW 3-speed hub has attractive gear ranges, but again, I'm trying to go simple. Also, if I get a SA 3-speed hub, should I go with a new unit (I'm having trouble finding one with an OLD under 130mm), or should I get an old one and clean it up? The reliability of the old ones sounds awesome, but it seems like a crapshoot buying an old one. The new AW hub kits are priced attractively, but I don't know what their reliability is like.

4. CRANK - I've also bought a spiffy old Crane Head crankset to match the cottered BB. I do have experience with cottered cranks, so I'm not too worried by that. Gearing is my concern, since there's limits on the size of the rear cog. Would I be better off in the long run replacing the BB and crank with something that has a replaceable variety of chainrings? The flexibility would be cool, but I could see that getting pretty pricey.

...or am I overthinking all of this? Please let me know.