I have an early 70s Peugeot UO8 I'm converting to a single speed. Or at least trying to. I've encountered my first hurtle and would like some advice. The selection for reasonably priced 27" wheelsets seems pretty poor. There are some on ebay that go for around $200, but don't look great, and the availability of 700c is rediculous. Are there any drawbacks to running a 700c wheel on a frame set up for 27", and are there brakes that will bridge the gap in size.

Thanks for the help.