There are some true Schwinn experts here... I am not one of them but I am sort of in your same boat just a few months ahead of you.
Wheels: 700c fits and works, but consider going with the 27s. The problem with this level of Schwinn wheels is that they are some sort of steel alloy that makes them generally terrible in every way. The size is not the issue. Several 70s/80s Schwinns came with nice aluminum rims which you could obtain for very little/free and rebuild. I have a front wheel off a Le Tour that was basically free and works perfectly. Stick with aluminum 27s and I think you will be happy. Even the new ones aren't that expensive. I have a new 27in Weinmann rear that works great.
Crank: You want to get rid of that one piece for sure. The crank arms are 165, maybe shorter, no matter the frame size, and they weigh a ton. That's not going to be too much fun in the long run if you are 6'7. Buy this adapter, buy whatever crank you want.
http://harriscyclery.net/itemdetails.cfm?ID=1335
Also lose the kickstand. If I remember right it weighs something crazy like 3 pounds. I would suggest some research on taking it out, though. It's a pain.