For the correct equipment go to Sheldon Browns site

www.sheldonbrown.com/retroraleighs/

and check for the retro raleigh site. There or in one of the links from there you will find a copy of the Raleigh catalog for the matching year. Usually a list of componentry(specs) is included. I would go for a original cottered crank as it was original. A period-correct cotterless crank would be an adequate upgrade and might be easier to find. Try ebay. As for the bb loose bearing-balls are technically better whereas caged ones are easier to put in. I do not know which was original but is supect ballcages were, due to industrial fabrication. The same applies to the steering bearings.
Pictures look like it could turn out to a nice project.