The 84 Record Ace was built with 27 x 1.25 wheels and tyres, and fitted with Gold Esge mudguards, the Weinmann 605 brakes are original, if you plan fitting 700c with narrow tyres and no mudguards there will be some big odd looking gaps, modern dual pivot brakes are great, however be careful to take advice which will have enough drop if you do change wheels, dont use the leather Raleigh Raincheck blocks on alloy rims, try some new soft compound rubber blocks, the originals will have dried out now, hardening the compound and losing grip on the rim.
I have an original 83 model, in very good original condition, but love the Record Ace so much, I have a Gran Sport frame now being modified and painted as a Record Ace as these frames were built with close 700c clearances to build for regular use, while my original is preserved as it is.