I have the chance of acquiring an old but tidy looking tourer for my daughter. It has 27 x 1 1/4 rims, 5 speed screw on block and a larger front double chainring It looks like there may be enough reach on the brakes to fit another pair of 700c wheels I have (that needs checking). They will take an 8 speed cassette. Will I have issues in chainline etc? I am tempted in any case to upgrade the chainset and rear mech. However it has non indexed downtube changers, so I am thinking a change of levers into STIs might to make the whole thing uneconomic. But the frame is very nice - 531. Also, any sugegstions for best place for 27 inch tyres? Any comments or advice very welcome! If anyone has cheap components to suit, let me know too!