Haven't updated this in quite a while! After my brother took to the Centurion Ironman the Raleigh was cast aside. It sat and collected dust in the corner, and I eventually robbed a few parts from it like the stem, and seat post.
Finally I decided to pull it out and do something with it tonight. I've been swapping around parts and mocking stuff up all evening in an attempt to come up with the best combo of parts using only what's in my parts bin.
It's actually coming along quite nicely I think! It's lost a lot of weight switching steel parts out for aluminum where possible. I'm about to switch out the Bio-pace crank set with a nicer 52/40 Sugino set, and I'm thinking about swapping out the straight cut SunTour Perfect 6 speed freewheel with a twisted tooth Shimano 6 speed in hopes of less clunky shifting. I'll post more pics as I continue to add more lipstick to the pig.