A Raleigh Team "Record" was basically a "Raleigh Competition GS" (=Carlton Competition) frameset in the team paint colors of Red, Yellow, and Black. A budget 531-throughout racing frameset.
The stock bike in the late 70's had suntour cyclone gears, SR Royal (I think) Raleigh-pantographed crankset (check to see if your crankset is swaged or a one-piece forged unit.) It came with small flange normandy comp red-label hubs and weinmann (605?) brakes.
We talked about these bikes in the TI_RALEIGH_TEAM_PROS group on yahoo. List member David Cowie was selling a NOS one a few years back from a Raleigh dealership he was liquidating in Oregon. I think you can find pictures in the TI_RALEIGH_TEAM_PRO archives.
http://groups.yahoo.com/
There are ones that say "RECORD" on the downtube. There are ones that say "Record" in small script on the top tube.
The latter ones were exported to continental europe, we think, and were sold as full bikes. The former ones were sold as framesets, we think.
These all have the nice Carlton ride but if you're a fan of the relaxed pre-74 Carlton geometry you might not like it as much as it's the latter "bone shaker" geometry with a shorter wheelbase, I believe.
- Don Gillies
San Diego, CA