I really want to thank you guys for helping me out here - I think I am getting a handle on this. I have digested what you guys recommend with what I need/want/can afford without asking the wife. Here's what I think:

I would like to use new where I can - this drivetrain stuff wears too easy, and I am not qualified to judge what is worn and what is fuxored, especially based on a crappy pic on eBay.

Upgrade the crank. A ~34T compact double is what gives me what I want, and this one is all around pretty cheap @ ~$60 and I have heard of the brand before - it's not Raleigh, but will have to do:

http://cgi.ebay.com/Campagnolo-VELOC...mZ260277179273

Upgrade the cluster with a 28T 6 speed Shimano:

http://cgi.ebay.com/SHIMANO-SIS-HG-2...940336QQihZ008

New would be better, but in any case, something like the above. With the 34T chainring, it will get me to 32 gear inches. ABout as good as I can expect.

Then I would have to replace the front and rear derailleur - again, the Veloce can be had pretty cheap NOS on eBay. I saw the FD for as low as 20$, and the RD looks like it would be <$100.

I would, of course, stick with friction shifting but, as cyclotaine promises, with the freewheel and a pc-58 I have lying around, it should stop splattering into gear like a mallet slices a melted cube of butter.

How does that sound?