Any question answered...

I think there's a danger that it's Raleigh thread. Best to take it out and see, first to check that you can actually dismantle it before committing to buying new parts, and second to check for the dread 26tpi threads.

As usual, Sheldon Brown is your (late) friend
http://sheldonbrown.com/raleigh26.html

Hey thanks man, yeah it's visiting that very bit of the sheldon site that put the fear in me. I the crank arm is acting up and the BB doesn't feel right and i'm riding it fixed, which apparently isn't ideal with the soft cotter pin cranks.

I'll have to get someone to try take out the BB for me, i have neither the knowledge nor the tools. I just hate the possibility of not having a ride for any length of time.