Chicago Al, it's hard to say whether the wheel is worth fixing. Is the rim steel or aluminum? Nashbar currently has some wheels at a good price, but I think they're only 700c, and I don't think you'd want to have two different size wheels if your front wheel is 27". There's an 8mm difference in diameter between 27" and 700c.

I agree with replacing the chain, freewheel, and rubber. Be sure to get new rim strips, too. It's very frustrating to get the tubes and tires in place and then realize you can't proceed because your rim strip just snapped from dry rot.