sorry, i mean for a conversion on the cheap, a 50 dollar frame is about average. so, if you like the frame, take it. if you don't, there are lots more out there for that price. as far as wheels fitting, i'm going to guess yes. the only conversion problem i've ever come across is with some old french front fork that was spaced at 96mm instead of today's standard 100mm. but with 100mm front/120mm back, you will, i'm going to assume, be okay.
actually, the sizes listed in that wheel ad are wack. i'd check on that, first. 143mm front? what the ****?
also, long reach brakes may be needed since 700c wheels are slightly smaller than 27" wheels. you'll need the brakes to go down another 4mm.