Originally Posted by genericbikedude
You'll throw the geo off with 700C wheels, and have trouble getting brakes to work. Those bikes are heavy as sin, but my be a bit better with modern aluminum rims. Those frames are perfect for three-speed hubs, but probably not worth the cost of the new wheels. You need/want gears with a bike that heavy, and heavy fixed bikes make very little sense to me.
If you really like it and want to ride it a lot, lace new rims to a OLDER shimano 3-speed hub (better than sturmey, sorry to say). For the front, use a modern hub. Swap out the seatpost and bars with lighter materials, and swap out the cottered cranks and BB to a more modern version. This is more money and trouble than it is worth, but if you really like the frame, and want it to be nice-riding, this is what I'd do.
I'm afraid I must disagree with most of the above.
622 mm (700c) wheels work fine in these frames, though you'll need shorter-reach brake calipers.
They're a LOT better with aluminum, sorry, aluminiumiminum rims.
Older Shimano 3-speeds are notoriously fragile and unreliable, though they are nice enough when they work. See:
http://sheldonbrown.com/333
This frame was actually made by Raleigh, to Raleigh standards, so there are a number of interchangeability issues. I discuss these in detail at:
http://sheldonbrown.com/raleigh26
Sheldon "Nope." Brown
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