but you may have trouble removing a 27" wheel with an inflated 1" tire from the rear dropout of a frame designed for 700c. this happened to me with my '70s pr10. i had to deflate the tire each time i wanted to dismount the rear wheel. that's not such a big deal, but it is a little design issue with my rebuild that bugged me.

used wheelsets are pretty cheap these days. i can pick up some campy/mavic wheelsets here in town for $80/set (seattle craigs). and i can build a new set on sun rims with hubs on hand for under $100 (niagara cycle). with prices like that, you might as well get it right.