Thankfully I had another old 27" wheel laying around that has a cassette hub. The Raleigh wheel had an old french freewheel hub that was going to be a pain in the ass.

So, I have the spacers and a BB locking. We're using a cog from the old cassette. So now all I need to do is remove the big ring and add some spacers to the chainring bolts, right? Then break the chain and get the right length, make sure the chainline is straight and I'm done.

Does all this sound right?