I think you got a pretty damn good buy. I would have bought it without hesitation. I'm probably not in the majority on this but I think there's possibly enough of the original paint to leave it. I would clean it, and wax and see how it looks then. I'm a sucker for original paint, and once you strip it, it's gone forever, you can never get it back.
As to originality, it sound's like the hubs could be original but I think they were relaced at some point, right?
I love ebay stories like this, it's just how I got my raleigh pro. 250.00 buy it now and i was the first person to view the auction at 3:30 AM.
marc garcia
chicago IL