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Hello!

Does it actually have 700c wheels? Not my specialty, but I thought that bikes of that era were still mostly 27 inch?

Are you wanting to buy panniers? Most everyone is going to recomend Ortliebs and for good reason. Very durable, easy on-off, solid when mounted (no having to worry about them "jumping ship" on you and ending up in the street), and totally waterproof. The only real downside I see to Ortliebs is they are awkward when you take them off the bike, if you are going to try and carry them around for any distance or length of time.

Depending on what you are planning on using the panniers for, you may be interested in bucket panniers. These can be made quite inexpensively and are good for grocery getting and bike camping. For $10 the city of Portland sells kits for converting 4 gallon food service buckets, that can often be acquired for free. IIRC there is still at least one outfit selling complete ones for ~35 dollars as well.