Am I reading this correctly?
 

Not that I was going to do this with my Raleigh Sports, I was only weighing my options if I decided I wanted a different crankset. Question is in case I did want to go a different route, could I use this?

http://velo-orange.blogspot.com/2009...-brackets.html

Does the sports not have standard English BB threads? If not, I don't see why you couldn't use this.

The sports had Raleigh threads, 26tpi instead of 24. Typically an English cup will screw in about 3 turns and then bind up. You can either re-tap to 24 tpi or use the V-O unit; it works fairly well though most I've seen develop a mild creak sooner or later. Fortunately the Sports doesn't encourage really hard riding.

From the link: "We have tried these on British, French, and Swiss frames and they work perfectly. I don't know if they will work in the odd Raleigh BB shells since we don't have frames to test them in. These BB will make it cost effective to put a lot of great old frames back on the road, especially Swiss threaded Motobecanes."

In addition to different threading, some of the older Nottingham-built Raleigh BB shells were also wider--either 71mm or 76mm wide, according to Sheldon Brown (http://sheldonbrown.com/harris/bottombrackets.html). Perhaps someone more knowledgeable re Raleighs can add something about the odd Raleigh BB shells, such as which Raleigh models came with the non-standard size BB shells? The threading isn't an issue with these threadless VO BBs, but the width might be.

The bearing surfaces and the spindle itself bearing surfaces have had water in it at some time in it's life. Are there quality after market spindles and cups that can be used on my Raleigh Sports? Any recommendations?

Or am I going to have to scrounge up a good used set?

According to their store listing they will work with a 71mm BB width.

Aaron :)

Do you plan to get rid of the cottered cranks? That's what you'll be doing if you go this route. Were it me, I would get the measurements of the old spindle and get another cottered spindle off eBay.

Your right. I don't want to get rid of the cottered crank. I kind of like the nostalgic look.