heres what i'd do if those two bikes were mine and i had about $300 to spend.

1) **** the apollo
2) strip the raleigh -- take everything off but maybe dont mess with the headset if it works smoothly. if it doesn't, strip that off as well and rebuild it.
3) a good rattlecan job, unless you can find a cheap powdercoat shop. i probably wouldn't want to drop $125 into a powdercoat.
4) reinstall the existing bottom bracket and cranks. probably use the big chainring and take the small one off. could also use the small one and grind/file the big one off but theres no real reason unless the chainline works out that way.
5) flop and chop the bars, or buy new bars, but keep the stem
6) buy new pedals ($25), seatpost ($20), chain ($10), and wheelset/tires/cog/lockring ($200).
7) keep the seat if you can salvage it -- classy old brooks
8) probably thats all. oh yeah, the brakes... i'd ditch the rear and buy a cross lever ($15) for the front b/c i don't ride drops. probably be able to salvage the brake itself, with some new pads ($10).