27x1 1/4 to 700c Conversion

[froze]

Depending on where you live you should be able to find a really nice mid level bike used for the same price that you're going to spend for new rims and tires, and maybe new brake calipers if they can't adjust enough! Why go through that sort of expense for a bike worth $50? You're never going to be able to sell the bike with new wheels for what you paid to do that, no one is going to pay you $200 or more for that bike, it will be worth $50 with or without the new wheels. Forget it and move on, find a used bike and sell that Free Spirit, or give it to a neighbor kid.