The seat tube decal you mention, Marc, the Union Flag and TI Raleigh Made in England is c. 1978-84. Which jibes with the serial number on this frame indicating a 1979 Worksop issue.
Check out the Raleigh catalogues on the Bulgier site. There is a 1980s one (UK)listing the various framesets. A bit later than your frame, but it shows there were at least three different frames in Team livery. None are junk. But some are 531 Worksop frames instead of the "real" team bikes from Ilkeston.
Judging from the pix on the eBay listing for your bike, you have a typical Worksop made Raleigh Professional of the era in Team livery. And you got it at a decent price. Swap out the rag-tag components for 1979 NR, some nice Mavic Monthlery Legere rims and enjoy riding her!
Until our British friends put together a Raleigh UK catalogue collection on the net to rival our Retro Raleigh one and the Bulgier site, what was available in the UK c. 1966-1986 remains sadly undiscovered terroritory at least on this side of the Atlantic. I honestly don't think the British like Raliegh as much as we Yanks. In fact, I am certain of it!
Peter Kohler
Washington DC USA