How did it turn out? I bought a used Raleigh Olympian off craigslist and have since replaced almost everything from the original (except stem and headset). I had to replace the crankset and bb since they were all attached (the chainrings) and the bb was too long for my chain to line up properly. It kinda sucked that I couldn't just remove my outer chain ring. But now it all works pretty well.

I don't know how much it weighs but it's considerably lighter than when I first bought it. I know the Olympian was supposed to be a sh*t bike when it came out and I probably spent way more on it than than the frame probably merited but I like mine just fine right now.