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@anidel
I also got a Carlton with TI tubings (Ti is/was the company that was being Raleigh when they bought Carlton and tried to push their tubing on lower models)
Albeit not light, my Carlton is still a lovely ride. I actually used her yesterday for a long ride from Epping Forest down to leafy Twickenham and today on the commute to work in Chiswick.
So it might be worth putting it back, without spending that much money on it.
I will not respray mine, for example, as I love the vintage patina it gives to the bike.
But if the frame is too big, then try to put it back in working order and sell it, you might be able to sell it complete for £150? It all depends on components.