- No. 700c fenders work well with 27" wheels.
- No. I must have a weight weenie gene, because I can't see using SS fenders when aluminum fenders are much lighter. Personally, I'd use a fender a little wider than 40mm. I'd probably take a few minutes with some polish and an old shirt and shine these up.
May the blessings of Daruma be bestowed upon you, young vassal.