Matthew - Check the recent archives (less than two months old) for some good links to history of Raleigh pages. They explain the relationship of "big industry" Raleigh-TI and describe how they bought up other UK and European firms. Gazelle was owned by Raleigh, and used to produce Raleighs for the bike boom as well as bikes under their own label.
The phrase "entry level" used without much context can mean so many things: suffice to say that I'd have been much happier on a Raleigh than a Sears "Ted Williams" branded bike.
I have a '74 Grand Prix (built by Gazelle) and it gets lots of use. Last summer I did a velo-tour from Northern Quebec to New Hampshire. Here's a link to some shots, including a few good shots of the bike: http://www.flickr.com/
It's a sturdy, well built frame with decent parts. Reliable, and a good ride. No, Coppi never rode one ... No, it's probably not something that's a likely candidate for pristine restoration - unless you've got a major nostalgia thing going ...
But someone's giving you a frame? Snag it! get some parts and have a ball. Check eBay, of course, and ask here for parts ideas. I, and a bunch of others, usually have appropriate stuff around for reasonable costs, esp. if I know it's going to get ridden.
If anybody pooh-poohs from the saddle of their Rene Herse or Original Ernesto Colnago, or even a carbon Trek Madone that costs more than most people's homes ... jump them - stand on the pedals & ride away.
;-)
Bob (11 C and why am I typing not riding) Hillery Stratham, NH USA (going to go ride now - an "entry level" '72 Garlati with "entry level" Campy drive train (chortle))