Originally Posted by _ForceD_

But wait. If by "modern wheelset" you're referring to 700c...you might have a problem with rim brakes. A 700c wheel has a smaller circumference than a 27" wheel. If the frame was constructed for 27" wheels and you put a 700c on it...the brake arms may not be long enough to adjust the pads out far enough to reach the rims. Check that before you purchase the wheels. There are brake calipers available with longer arms specifically for this situation. But just pointing out that you may be setting yourself up for a purchase of new calipers with this rework.

Dan