Those are good tires, also Panaracer Paselas come in 27" and are good, inexpensive tires. 700C tubes might work, but they're a bit too small, and usually have Presta valves (not a deal-breaker, just FYI).
As long as the bike fits and everything works, I'd ride the snot out of it, with one exception: You probably should get some new brake pads for it. 30+ year old rubber brake pads aren't going to work well at all. I just rebuilt an '86 Raleigh, the old pads are scarily ineffective.