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@o.t.t.
Are you sure it's 26tpi? I have an old Raleigh and having read about the raleigh threading was dreading it when the BB starting wiggling... until I found it was the standard 24tpi instead.
this article will help: http://www.sheldonbrown.com/raleigh26.html
and about chainline, this one will help: http://www.sheldonbrown.com/chainline.html
I'd mostly ignore the chainline issue though, because it shouldn't be much of an issue, the main thing is that the bb is not too wide or too short that the cranks touch the frame when tightened on.
I see you're in newcastle area so if can come to recyke y bike ( http://www.recyke-y-bike.org/ ) you should be able to get a suitable bb for it