You may be able to use 700c wheels. My Gitane will take either size. Unless the frame was produced strictly for the US market, it was sold in Europe with 700c wheels. A 27X1 1/4 tire will rub the bottom of the fork on my Tour de France. It may have been built with tighter clearances since it's a racing model. Even with 700c wheels, there's no way that it will ever have a front fender.