Good question on the origin of this frame. My quess is the same as yours, that maybe it was an European issue. I sold Raleighs new in 1979, and I do not remember this frame. But I do remember there was a cheaper, high tensile steel Raleigh "Record" bike...maybe even in a team paint scheme...but certainly without Campy dropouts. My frame has 120mm spacing.
Check out my other 1979 Raleigh, a 531 Team Pro. Pictures at
http://www.thecabe.com/
Scott McCaskey
http://www.thecabe.com
Scenic Downtown Dalworthington Gardens, TX