A 27" wheel is 630 mm diameter (to the bottom of the bead) and a 700c is 622mm so the difference in radius is 4mm (which is why often it's possible to convert a 27" wheeled bike to 700c by simply moving the brake blocks down the arms of the brake calipers)Sorry I don't understand
^^^^^^+1 the slight difference in radius will be accommodated by the mounting position and the stays, (there is about 4mm difference in radius)