MNiceGuy

I currently own an '81 (possibly '82) Le Tour which I've discussed in this thread.

I initially was going to sell it but I'm wondering of there is any way I can put it to practical use? My only other bikes are a '74 Schwinn Collegiate which weighs in at approximately 0.75 aircraft carriers and a '09 FSRxc Comp which is a 30lb'ish FS trail bike.

My girlfriend has an '09 Cannondale F7 which has been converted to hybrid/road duty for the time being. She's a little apprehensive about riding single-track so we've been hitting a lot of pavement lately. This is where the FSR doesn't shine since it's large, aggressive tires and increased weight make things a little more difficult. Rather than have a burly FS bike locked-out and fitted with 1.50 road tires I'm thinking the old Le Tour might come in handy.

Before we go further let me preface something: I know absolutely nothing about road/touring bikes.

I'm thinking I have the 21" frame since it looks smallish. This might be alright though considering my short 5'8" frame (I comfortably take a M or 17" in MTB).

My Questions:

1. Will 700c wheels work on this bike (it has 27" stock)? I understand I might need to change brakes as well depending on how far the stock ones reach.

2. If I swapped wheels would I be able to retain the 5-spd rear cassette?

4. Could I eliminate the dropdown bars without upsetting the performance or handling?

3. Is it all worth it? This is a neat Le Tour because it's almost completely original and unmolested. Would it be better to pass it on to someone who could appreciate it for what it is and pick up a separate road/hybrid for paved trail duties?

auchencrow

Your front brakes are likely Schwinn-Branded Weinmann 650 centerpulls. If so the front shoes are already bottomed out.
If you just want alloy wheels it would make sense to get alloy 27's and a set of Panaracer Paselas - they are as good or better than any 700 tire - and cheaper than most. - (And they won't look weird).

Generally you can find a wheel with a hub to accept the 5spd FW even if you go to 700c -though you will have to search.
Changing from drops will change the performance and handling - it is a moot point whether this makes it better or worse.

The old Le Tour was a pretty decent offering from Schwinn - it has a pretty decent ride but is at home on pavement. If you are doing a mix you might do better with a hybrid and leave the Le Tour unmolested.

PS Here is one I just refurbished the other day - I kind of liked it but can't keep it.

treebound 

1. Why work harder than you have to. There are still a nice selection of 27" road tires available today.

2. If you swap the wheels you will need to ensure your replacement wheel is spaced and dished correctly. If you stay with the stock wheel all you have to do is ride it.
Also, it has a freewheel on back, a cassette is different.
4. I would suggest keeping the stock bars, which appear to have a Randonneur bend to them. If you convert to upright bars you will also need to get different brake levers. If you go this route then just pull the stem off the bike leaving the handlebars and brake levers intact and send them to me. I could always use a setup like that.
You can always just ride with your hands on the top of the stock handlebar and have the best of both styles.

3. Only you can decide if it is worth it. But for me, I like the LeTours and I would leave it stock and ride it like it is. Replace what wears out or breaks, but that's about it. Simple, efficient, functional, and budget minded.
That's my 2 cents worth.