I've started a new project (by new I mean 30 years old!) which has equally awkard problems. It's a Raleigh Record so it has 26tpi bb threads. Other than the cranks being slightly off axle (it's not the bb, I checked that first) there isn't a lot wrong with it. It would have been nice if the original wheels were 700c not 27 x 1 1/4 but that could be easily resolved should I wish to put some real money into it.
One of the things I love about these bikes is how little you have to spend on them. I bought the bike for £40 of the bay and I've taken the whole thing apart and re-greased it all. Apart from buying things like new levers, and other aesthetic items, all it really needed was a new chain!
Here it is as I bought it.
I've tidied it up a fair bit but I still have a lot that I'd like to do to get it to the standard I would like. I'm planning on touching up the paint work where it's slightly damaged and then paint the lugs/welds and put some pin striping and hand painted logos on.
love it!