I think there will be plenty of clearance, although my experience is with le tours that are a little earlier than yours. I'm currently running the exact tire you mention on an '83 le tour luxe, with SKS fenders. My bike originally had 27" wheels, though, and I've switched to 700c's, so that creates some extra clearance in itself. Also, I'm running centerpull brakes on the '83, which have a lot more reach than the sidepulls you mention (and need it to reach the 700c rims). But, I've got an '84 le tour that has dia-compe sidepulls, still with the stock 27" rims, and it appears it would have plenty of clearance for fenders. That's still not the same as yours, but since all the le tour models were intended as a day tourer/commuter type of bike, I'd be surprised if you can't fit the 700c x 32's with fenders. Good luck-
Last edited by well biked; 08-14-06 at 08:15 PM.