I have no idea if I need a new BB. I'd rather not replace it just yet if I don't have to. I'm just worried about doing permanent damage while trying to service it. And yes, someday I would like to put new cranks on it, which I assume means replacing everything. So, I'm in the market for the cheapest replacement I can find, but I'm not in a hurry.
Honestly, if you, or anyone else reading this, could recommend a mechanic who would be willing to do the work I'd prefer to go that route at this point. So far, the two I've talked to don't really want to deal with it, because it's probably just a giant rat's nest, and they'd rather sell me a new bike. I'll order replacement cotter pins and hand them over with the bike to the right person.
As to your other questions:
- I don't know the answer to the first two as I haven't had it properly serviced, nor pulled apart yet; which causes me concern, because I'm worried it won't go back together again properly, or at all.
- Sheldon Brown's website says a JIS standard BB will work, but the threading and sizing for this bike are Raleigh's own.
-I want to eventually replace the whole thing for weight, appearance, and strength issues. One mechanic told me he thought there aren't any really good cranks to use because of chain guard clearance issues, which is problem for me, because the chain guard is really cool, and I definitely don't want to sacrifice that to new crankset. That alone may make this whole issue moot.
Nevertheless, I would like to have a non-Phil Wood back up, in case an effort at servicing/repacking the BB proves catastrophic.