Don't do it. Why in the world would you ride a full race track bike on the street? The drop from seat to bar has to be approaching ten inches.
Yes, you can modify it. In fact, it looks like its a steel frame that originally had a 700c front wheel. See if the seller has the original fork and then its an easy restoration.
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Il faut de l'audace, encore de l'audace, toujours de l'audace
1980 3Rensho-- 1975 Raleigh Sprite 3spd
1990s Raleigh M20 MTB--2007 Windsor Hour (track)
1988 Ducati 750 F1