Apologies for reviving this thread after such a long absence, but I am at last starting the process of getting the Hobbs back up and running. Life has a habit of getting in the way, as they say.
I have dropped the hubs and rims off to be built into a revamped wheel set - I elected to use the Harden high-flange front hub and Sturmey Archer 3-speed rear hub - and should get them back by the end of the week. Perhaps I will rebuild the Bayliss Wiley single-speed/fixed wheel set in the future when I have the necessary funds . . .
I have also decided to have the frame gently cleaned and clear-coated in order to preserve the patina (I really don't want to lose the remainder of the past colour and that box-lining!), and that will hopefully be done in the next week or so. After I get the wheel set and frame back, I am planning on reassembling the whole thing in the next few weeks.
I will be sure to add photos and keep you all posted.