Raleigh Twenty - Shabby Shopper

I've been after a cheap bike to store at a relative's house - scouring the local car boot sales, I found this Raleigh Twenty for £20; I offered £15 and the guy accepted. At the same sale I saw someone else buy a top condition late 1980s Rockhopper for £20... I wish I'd seen it first!

I pumped up the tyres and away I went! It's hilarious to ride, but with a low BB, short wheelbase and upright position it's also very much at home in traffic. It's a bit heavy to carry and it doesn't fold up very neatly.

So hatches the plan!

1. Find/buy/fabricate a longer seatpost - getting an alu one should lighten it up a bit
   
2. Get a different saddle as this one is falling apart
   
3. Find a BMX wheelset (car boot sale, hopefully) and make some drop-bolts for the brakes. I have some 105 dual-pivots that might fit depending on what size tyres I get.
   
4. Find lighter components - an alu crankset would help, but these bikes have 76mm BB shells so I'd need to find an extra-long cotterless axle. Alternatively I could face down the shell to 68mm and fit a threadless BB, but that would cost quite a lot. Alu bars would also be good - a narrow straight bar would mean it folds up smaller, too, although Sheldon-style drop bars would make it more versatile.
   
5. Make a padded bag to put it in - one that folds up so that I can attach it to the rack when I'm riding.
   
6. Find a Raleigh-threaded ball-bearing headset, as these came with nylon bearings in the top race which feel horribly stiff (although it probably doesn't make much of an impact when actually riding).
   
   

Total spend so far = £15