Make double-extra-sure the BB fits. Up through the 90s, Raleigh used wide BBs and proprietary threading (26 tpi vs. the standard 24 tpi), and no standard shell will work. Have the bike shop measure the threads.

Raleigh Records were the bottom end of Raleigh's ten-speed line. They're not bad, but not remarkable either, so you're not getting butted steel or special anything. I don't recommend putting a lot into a buildup that you can't move to a better frame later.

More info from the invaluable Sheldon Brown:
Raleigh bottom brackets: http://sheldonbrown.com/raleigh26.html#bottom
"For most of the '60s and the Bike Boom '70s, the Record was the bottom of Raleigh's drop-bar line. The frame is basically the same as the Sports three speed. It competed with the Schwinn Varsity..." http://retroraleighs.com/record.html