No 700s will work however you want to configure it or whatever gear arrangement you have available. (Cold setting rear triangle may be necessary) You will need a longer rear brake. I’ve been using Tektro 559s. I would recommend an aftermarket fork for 700 wheels if you go this route. Find a 1” steerer, carbon or aluminum and go with that. Both would lighten the bike up a great deal, simplify brake fitting, (standard short reach dual pivot), and likely improve the ride as well. If you decide to use the Schwinn fork, go with the tubular Collegiate over the Bladed Varsity. Much much lighter option. If powder coating is what you are planning Aluminum will allow you to match in powder. Carbon can be painted and will offer lightest weight, and best ride of all options. Get threaded steerers in any case. 1” threadless headsets can be difficult and expensive to locate, especially for Schwinns. One other suggestion is to use a threadless stem adapter and swap out the stock bars and quill stem. It is stunning how much those two steel components weigh on these things. Granted, I went all out on these recent builds - but my total weight on my Collegiate Sport went from 38 pounds stock to 27 pounds 3oz when completed. A loss of almost 11 pounds. Front end was a lot of that. Light wheels and tires will help the most overall. Crankset is one of the heaviest items in the equation as well. There is a bottom bracket converter, (I use one from Truvative), that allows you to run a cartridge style bottom bracket. In the one piece crank bottom bracket shell. Normally used/sold as a BMXpart. Opens up a LOT of drivetrain options.