Transformations like this highlight the customizable nature of most steel frames. While the amount of work and parts that went into this Raleigh were minimal, the riding position, added utility, and overall character of the bike have changed substantially. The Raleigh was purchased by my Dad years ago and ridden for many years before being hung up in the garage. I snagged it from him a few months ago and have been slowly deciding what I was going to do to it. A cheap Wald rack with scrap wood panels, Nitto B206 handlebars, Newbaums cloth bartape and Panaracer 700x25c (28's wouldn't clear the brake bridge) tires round out the changes.
The coolest part about this build is that nearly any steel road bike, in decent shape, could be transformed similarly for well under 150 dollars!