I'd post pics since we don't have a serial number. The Record, at least in the 70's, was not a high end bike, hi-ten steel frame. I have a Sprite, which is the same frame as the Record and turned it into a SS/FG bike. Pics here and HERE

I like the ride of my Raleigh. It's not "dead" feeling at all and doesn't feel real heavy like a Schwinn Varsity or Gitane Tour de Luxe did to me.

Sheldon Brown has info. HERE

Yes, it'll make a decent fixie as it has long horizontal dropouts but the bottom bracket is Raleigh's 26tpi so keep the cups and bearings. I'd ditch the cottered cranks but you can keep them, too. Wheels are steel so you may want to upgrade those at some point. Keep the brakes and calipers, replace the cables and housings.

I wouldn't pour a lot of money into it, though. Money better spent elsewhere but it'll be a nice project. You would not be ruining a classic. If you know someone who restores old bikes, donate the parts to them or to the local co-op.