Yes & No.
Clearances are a bit greater for 27". That means that they fit larger tires (700x32c, or even bigger) with less problems than many 700c specific bikes. Perhaps also easier for squeezing in fenders if you desire. That may not be necessary if you're running 700x23 or 25 tires.

The problem is that they may also require long reach brake calipers, and perhaps aren't quite as racy.

The 27" bikes also frequently have greater fork rake.

I misspoke, clearance is more off an aesthetic, what I'm mainly looking for is tight geo
well if I got track ends brazed on I most likely wouldn't run a brake since I don't already, so that's not a big issue, and if the rake on the fork is bigger than I desire, I'd most likely just change the fork, unless of course the head tube angle is also a bit large, but if that's the case, that's a frame I probably wouldn't invest in in the first place

The nice thing about building a "custom" bike from scratch is that you can build it up like you want, as you think you want.

It is, however, easy to get nickel and dimed to death.

$100 to $200 for your frame.
A few bucks for new track ends. A few bucks for installing them. A few more for repainting the frame (after massacring the rear end).
Wheels, tires, tubes, stem, bars, cranks, new fork ... it all adds up. If you aren't careful, your $100 bike has just cost you $500.

It sounds like you are totally set on doing this, so I doubt you will listen, but...

You are making this way to hard. By the time you get a frame, deal with modifying and brazing painting and maybe replacing the fork, you will have spent more than any decent production fixed gear sells for.

You can certainly find a used fixed gear frame for less than you will spend for a modified frame.

A fixed specific frame will have a higher BB and will handle better in general for fixed riding.

If you really just want the look of an old converted road bike and money is not an issue, then go for it. Other wise, save your money and buy a fixed frame. It will have track ends and tight geo.

Well I'd most likely get must of what I need from the aforementioned co-op, and as it turns out there's a guy in my area who simple forest green clear coat and flake for $35, this would be a gradual project that would take place over a matter of months
I'm not completely set on it, I'm still scouring the local BSTs and craigslist because I might luck out on something chromoly or Reynolds

What is your budget for the entire build?

I think you'll find a few different tubing types.

The classic Schwinn Varsity or Collegiate bikes may have "High Carbon" or "High Tensile" steel straight tubing.
Many Univegas may have chromoly steel, perhaps straight tubing.
Your high-end road bikes will have Reynolds 531 of Columbus double butted tubing.
And, of course, even within Columbus tubing or Reynolds tubing, there is quite a variety.

Assuming you do decide to have the dropouts replaced with track ends, I'd anticipate doing a full respray, although you might get away with repainting part of the rear triangle with a contrasting color. However, if you do decide to repaint the whole frame, then the difference in prep work between the nicest of the frames such as the Death-Fork Lambert and the cruddiest of frames such as the Torelli is likely minimal. In fact the powder coating on the black Schwinn might be more of a pain than the other frames.

You may find a top of the line frame for $100 which you'll then choose to chop up, but don't hold your breath for it to come up quickly.

From time to time frames with broken dropouts show up on E-Bay. Since you're wishing to replace the dropouts, why not start with one that is already broken. Anyway, just keep your eye out for one to show up.

This would be a sweet frame.

No Fork?
Colnago Master Piu | eBay

http://i.ebayimg.com/images/g/OqcAAO...Hh/s-l1600.jpg

Paint isn't too great. Consider it as original Patina, or repaint. No idea how high the auction will go. It looks like it sold on March 1 for $342, then was relisted.