Most of my bikes are from the 70's other than the occasional problem trying to find an older NOS part they are fine. Most 700c fenders should fit a 27" wheel with no issues. I much prefer the friction shifting over the indexed (I guess I am just a retrogrouch ) As long as you can do your own wrenching you will defintely come out ahead of the game. A lot of LBS want to sell you new stuff not work on older quality rides.

Aaron