I think I might do an experiment in wheel trueing with it: since all the spokes are loose anyhow, I'll finish loosening any of them, and then try my hand at making 'em tight again. Then go from there. The brakes are flat out atrocious--not sure if the pads are dried out or if it's just the nature of the beast (old centerpulls and steel rims).
I've been on the lookout for an English 3 speed, but I'm not exactly thrilled with the Raleigh "oddities" (BB, headset, etc), so I might wind up just using the saddle (while not Brooks, it is sprung) and the hub, maybe handlebars too. We'll see. I kinda want a relaxed rider for the dirt roads and secondary roads around here, for relaxed riding days.