I had an 82 412 for awhile. There’s no reason to stay with 27” wheels. If you’re buying new wheels, at least go 700c, the stock brakes will reach fine. I had room for 700x32s with fenders, or 700x38 without.
If want to spend a bit more money, that bike is an excellent 650b conversion candidate with Dia Compe 750 centerpull brakes. My 82 412 cleared 650x42 with room for fenders