You should measure the width of the rear dropouts and see what it is....if it's 120mm,you may need to spread the frame some to fit a modern hub (freehub as opposed to freewheel).

I think it came with 27" wheels not 700's...so your brake calipers may/may not reach.

You can just put wheels and a chain on it,if you hunt around for the correct stuff.If 120mm it's going to be 5 speed stuff.If 126mm or so,you can put a freehub on it without much issue.