I did this no problem with my wife's '75 or so Raleigh Competition. I got new Diacomp centerpull brakes and they reached no problem. The wheels came off her Sports.

The bike looked pretty cute with the undersized wheels.

The brakes looked just like the old school brakes that came with the bike, except they were shiny.

This would be 26 x1 3/8 EA3 wheels off a Raleigh 3 speed, and these brakes:

http://www.universalcycles.com/shopp...33&category=34