Your timing is excellent. I've just purchased and installed a new 14-34 freewheel to go with my 52x42 chain rings. 1984 Raleigh Super Course, with new Shimano front and rear derailleurs.

There IS a jump between second and first in the back, but I acclimated quickly . . . and I can now sit and pedal comfortably on the 8-10% grades in these parts. With the old 12x23 (or something like that), it was stand up on the pedals or stay home.

I also bought a 14 x 28 freewheel which I put on the Nishiki. But I think I've got it backwards. The lighter Raleigh is probably a better match for the taller freewheel. The 34-tooth will let me climb trees with the Nishiki. :-) Take care.