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VRJAKE - I'm sure you're already inundated with advice in this thread for your beautiful new find, but if I may suggest a variation: As soon as you're confident in the brake and shifter cables and adjustments, throw a set of spare 700C clinchers on it if you have a pair (with an appropriately spaced rear hub). This is the quickest and easiest way to give her a spin as-is. I know others advised similar - wisely so - but if you happen to have a spare set on another well-loved frameset, this is a great way to try it, as is, without investing too much - and on a wheelset you already know you like.
Also, though I can't speak for the mechanical reputation of the first-gen Phil hubs, second-gen Phil hubs would be a nice upgrade while retaining a nod to the frame's past build. Plus, they won't rust their centers out - it'll save you the effort of trying to clean those up. The rust on those stainless centers can be very...tenacious.
-Kurt