A 1975 Raleigh Record came with a steel cottered crankset. It could be replaced with an alloy cotterless crankset if you want to put money into it. If not, check carefully that there's no play in the crank arms or bottom bracket. Expect it to weigh 30-32 lb as is.
BTW, $135 was about full price in 1975 (ignoring inflation).
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72