I get the impression that the OP is not looking to get into a whole modification process with his bike. I think he wants to buy it, unfold it and ride. While I'm positive the Raleigh Twenty is a really fine bike, I don't get the impression from my online readings that it is not without it's shortcomings and requires modifications to bring it up to modern-days specs. And there are some gotcha areas, like the BB and headtube bearings that are not common by todays standards and may require some ingenuity to modernize.
In contrast, there are several modern-day options that might yield a better long-term bike for not a whole lot more money, but perhaps that is also what the OP is not looking for? If you are looking for a OK bike to travel with, this Vilano might be OK. With the 16" wheels, it folds and easily packs into a airline-legal suitcase, as is stated above.
Having owned both bikes, I can emphatically say I endorse the Genesis 20" bike over the Vilano, and with the recent $20 rollback at Walmart, the Genesis is now only $179. It's a heck of a lot of bike for the money. But there are other good options as well, such as Downtube and Origami. But ultimately, I think the Vilano will do what the OP wants to do, and it's a fun little bike.