Yikes! My first real road bike was a '71 Gitane Interclub. Durafort (sp?) tubing--not sure whether that was fancy name for hi-ten or something better. Steel cottered cranks and Huret Alvit, Mafac Racers, etc., but the real difference over other lower end bikes was tubular tires, and if you could choose one thing to make a bike faster (or more efficient, if you prefer) that would be it.
I could have stuck with that bike longer--it was everything I needed for club rides, but graduated to an all Campy Cilo Pro a year or so later because I lusted for Campy, but I outgrew that quickly, and got the Merican Pro frame to hang the Campy on, which I have to this day.
The Interclub rode well--so yours is worth some time and trouble to restore, IMO. 700c clinchers will definitely fit since it was spec'd with tubular tires.
The owner of the big local bike shop (Wilber Scott) once told me the Junior state champoinship was won by a kid on an Interclub wearing tennis shoes--must have been '70 or '71.