Thanks for all of the good advice. I decided against it. It would've needed new wheels and all sorts of mechanical upgrades if I were to feel comfortable riding it long distances. The chainstays were also a little squished from a too-tight kickstand.

I carefully checked the frame for manufacturing defects, having heard horror stories about bike-boom era Raleighs, and I found a pinhole where one of the fork dropouts met the fork tubing from a bad welding/brazing job. Went all the way through. Maybe nothing, but I needed another excuse not to buy the bike, and that seemed like a suitable one.