Is it possible to buy an old bike from the 1980s or 1990s e.g. an old Raleigh road bike for about £100-200 from
eBay and put new stuff on it? Or, are the older bikes not compatible with clipless pedals and a new derailleur, etc?
be careful with this approach! A dark path it will lead you to.
Raleigh, being one of the biggest manufacturers made EVERYTHING in house and so were still working to their own sizing, spacing and even screw threads until around the 1980's, as such compatibility can be an issue.
I have two road bikes, both Carlton which were built by Raleigh. The wheels are a different size, the hubs a different width and a few other quirks, but lovely bikes.
I do have modern pedals and derailleur on them though.
Coming back to the original question,
The bike originally cost £350-ish you say, so unless you're paying just short of that for repairs you're not in new bike territory yet as you'd likely be replacing it with something that has issues to fix (might be small issues) or something that the parts aren't quite as good and may wear out and need replacing.
I think the only original thing on one of my bikes might be a quick release bolt!
Most things can be fixed with time, patience and a few cups of tea and taking each problem on it's own makes it simpler.
I learnt pretty much everything from here:
https://www.sheldonbrown.com/repairs.html
And having a good, and helpful bike shop who could sort out things I'd not managed to do!