On a budget - 135mm OLD tandem rear wheel - that is STRONG.

Hub:
http://www.amazon.com/Wheel-Master-T...1&keywords=40h
or
http://www.amazon.com/Wheel-Master-A...2&keywords=40h
these hubs are made like sealed bottom brackets, strong, big sealed bearings, not serviceable because they are glued together.

Spokes: 2.0mm stainless steel: Wheelsmith, Sapin, lots of choices; make sure they are stainless steel.
Nipples: nickel plated brass.

Rim: 27" 40H rim is hard to find. What is the spoke count on the wheel you have?

If it is 36H; keep the rim, get Wheelsmith DH13 spokes, the correct lengths, and this hub:
http://www.amazon.com/Shimano-FH-RM3...3&keywords=36H

IF you were in the area (San Jose, CA); I'd be happy to help you build it up.