If it fits, then clean, adjust, lube, make sure the brakes work! Maybe new tyres. . 501 tubing is not high end but it's nice and springy. The gearing should get you over much lumpiness. A friend hauled a similar Raleigh 501 frame from a skip recently and restored it and it was a treat.
With a little TLC and she'll be great .... Et voila, another golden oldie back on the road!