Pimping my chainset

[Okeydokey]

I have a Raleigh Airlite (previously owned) which I am growing ever fonder off. But I would like to pimp it a bit.
I have a new sealed bottom bracket thanks to all those who helped me get that right first time! Now having taken the bike to my LBS I realise we are not to be co-joined, since I get down to earth advice here and there is no smoke and mirrors.
So my next challenge: I would like to change the front chainwheels, or even the crank as well if more economic.
Currently I have a Prowheel Chariot double at 52/42, the cassette is a 7 speed. I would like a compact set up but the teeth difference between the two sprockets may be too great, i.e. from 52/42 to 50/34?
So... should I just change the very worn 52/42 for a factory made replacement £25. or is there something more customisable at my disposal? Currently is a five spider, 130 BCD, I will be replacing the screw type cassette and chain at the same time.
Budget of about £100, but I need to buy any 'special' tools from this as well.
Thanks in advance

 

[GuyBoden]

Personally, I found that a 42T chainring was too hard to pedal uphill, but when I did some research last year, the smallest chainring for my 130BCD is 38T, so I changed the whole chainset, 34T is now much easier to pedal uphill.

 

[e-rider]

I have a Raleigh Airlite (previously owned) which I am growing ever fonder off. But I would like to pimp it a bit.
I have a new sealed bottom bracket thanks to all those who helped me get that right first time! Now having taken the bike to my LBS I realise we are not to be co-joined, since I get down to earth advice here and there is no smoke and mirrors.
So my next challenge: I would like to change the front chainwheels, or even the crank as well if more economic.
Currently I have a Prowheel Chariot double at 52/42, the cassette is a 7 speed. I would like a compact set up but the teeth difference between the two sprockets may be too great, i.e. from 52/42 to 50/34?
So... should I just change the very worn 52/42 for a factory made replacement £25. or is there something more customisable at my disposal? Currently is a five spider, 130 BCD, I will be replacing the screw type cassette and chain at the same time.
Budget of about £100, but I need to buy any 'special' tools from this as well.
Thanks in advance

don't spend money unnecessarily on this bike. Save the cash and put it towards a new bike further down the line

 

[cyberknight]

You can get custom sized chain rings
http://www.sjscycles.co.uk/130-bcd-5-arm-dept499/#filterkey=brand&brand=STRONGLIGHT&page=1
If the inner ring is to big then you could change it to a smaller one , 16 teeth difference on a compact so i imagine you could run like a 38 .I assume its a 7 speed freewheel with 14-28 on the back ?
I currently run a custom compact of 50/ 36 and either an 11-28 or 12-25 dependent on which bike im using.

 

[Okeydokey]

Thanks guys. @e-rider I can't see me needing a new bike tbh, this is a very light frame without any problems, the guy at the LBS did sow a seed of fear concerning the likely hood of a chain snap given the condition of the existing chainrings etc. So my thinking is replace the lot, especially if it improves things to the extent of the new BB.
I have never heard of Stronglight, they certainly look like what I am after, thank you @cyberknight. It is a 7 speed with 14-28 btw.
Given that most of what I am after can be bought at out of pocket cost I suspect upgrading the brakes will be next

 

[RMurphy195]

Look at what Spa cycles have to offer. NB I'm using their Stronglight chainrings, they are not cheapandnastychinesecheese

 

[mjr]

Which airlite is it? Most of the specs I've found say they had compact chainsets on originally. Can you tell what the front derailleur is?

 

[Okeydokey]

I actually counted the teeth on the chainsets as 52 - 42, may not be original they are in appauling condition. The derailleur is a Logan (?). I think the previous owner must have moved things about quite a bit, there are spacers on the headset produced by Cane Creek and a Zoom handle bar stem. (Had to look up the names for the bits lol).
Pictures of the Airlite 100 on the net

match very closely what I have, give or take a few mods I suspect.

 

[si_c]

+1 for going with the Stronglight, they are well made and look fantastic imo.