Thanks for the responses from The History Man, Jamiedyer, PeachyPM and the good spraying advice from allenh.
The bike when I purchased it was almost in original condition apart from a little chipped paint damage and excess thick paint where it appears to have been resprayed over original. All the build parts were as in the Raleigh advert on page one even down to the Raleigh rims which are salvageable. It will therefore be resprayed black. The decals were kindly reproduced by H Lloyd from my peeled off originals and my grandchildren helped me to strip the bike down as mentioned in an earlier post. All the original parts have now been thoroughly cleaned and polished, even the original chain guard has been treated and resprayed in silver then lacquered. I still have the pannier rack and stand to treat for a little rust and then they will be resprayed silver also. My grandchildren are keen to help put all the 'bits' back together with the promise that they can have the first ride on what is to them an 'old/will be almost new' road bike with drops compared to the modern bikes that they usually ride. So watch this space!