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Well, I've been maintaining two early 80s steel road bikes until now, and expect to continue for years to come. I could get BB cartridges for the 70mm or 68mm widths, in Italian or English threading, if I wanted. One inch threaded headset are still available. But you might have to look in the "vintage bicycle" market for 126mm rear hubs for 6 or 5 speed freewheels, although the freewheels are still readily available, cheap, for under $20.00. Rims and chains are compatible with current 8 or less speed bikes with 700C wheels. I think Simano still makes downtube click shifters for 7 speeds, or you could just stay with friction, as I have. You can still find rat-trap platform pedals, chrome toe clips and leather toe straps, too, if you're a fanatic.

The better frame you find, of course, the more pleasurable the ride will be. Columbus SL or SLX tubing, or Reynolds 531, was the top of the line tubing of the day. Anything built with those tubes would be definitely worth the trouble. Tange Prestige came close. Atala, Basso, Bianchi, Cinelli, Colnago, DeRosa, Grandis, Holland, Bob Jackson, Masi, Marinoni, Olmo, Pogliaghi, Raleigh, Rossin, Singer, Tommassini, Viner, all made bikes out of those tubings. If you could find one, it would be a great ride. With todays components or light weight components of the period, such as Campy Super Record, Shimano Dura Ace, the bike would weigh maybe 3-5 pounds heavier than todays carbon wonder bikes, 21-23 pounds, but would still be as responsive and fun to ride. To get the equivilant performance today, you would have to spend at least 1500., and then hope the wheels and components hold up as well.

Caution: The Raleigh MKII you found might be cut for 27 inch wheels. The tires available are limited. By the early 80s, everyone went to 700C.
 
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