aka Tom Reingold
Join Date: Jan 2009
Location: New York, NY, and High Falls, NY, USA
Posts: 40,503
Bikes: 1962 Rudge Sports, 1971 Raleigh Super Course, 1971 Raleigh Pro Track, 1974 Raleigh International, 1975 Viscount Fixie, 1982 McLean, 1996 Lemond (Ti), 2002 Burley Zydeco tandem
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Anyway, you can often interchange wheels of the different sizes, as others have said. I moved from 27" to 700c on one bike, many years ago.
Note that steel rims provide poor braking in wet weather. Not that you mentioned steel, but the rims on a Varsity are steel.