Actually the bike came to me with the original 27 1/4 steel wheels and also a 27" aluminum alloy wheelset which the last owner must have used. That wheelset has a 6 speed Shimano freewheel and also the dropouts are spaced to 126mm. The last owner must have cold setted it. The other frame I have however is spaced to 120mm so I will have to widen the dropouts when I begin work on that frame.
I am glad that I can use the Mafacs if I choose to go with 700c's because I love the original look.