Mid 80's Raleigh Mountain Tour Elkhorn with Suntour components, Dia Compe brakes and levers, Shimano pedals, Charge saddle and bmx bars. Tires are Maxxis Holy Rollers.
That should be a Tange headset on there too. I've had a few vintage Raleigh Mountain Tour bikes come through the past couple of years and the higher end models are specced nicely.
You are correct. I picked it up pretty cheap as a complete bike with great quality parts and tons of potential. I replaced the tires, saddle, cables and grips, and of course an extensive cleaning and lubeing. I love it!
Those frames are very road-centric as far as their geometry goes and make great bikes for your intended purposes. I've modded them into townies and gravel/touring bikes as well. The only one I have currently is a Grand Mesa that is down to a restored frameset, waiting for a customer around 6' tall for modification to their needs. Beautiful paint top to bottom in that line of bikes as well.