I would clean out the seat tube carefully. After all the years there is probably some muck and corrosion in there. A twirl of 400 grade wet & dry on a stick will work wonders. Do this with the tube facing down, so the muck falls out not in. A load of PlusGas sprayed inside will help loosen all the crud. Usually I would be wary of this thne working its way into the BB, but this time it's no worry as that has to be serviced too.
While there will be distortion on brazing the frame, 531ST tubing is nominally 27.4, so a 27.2 usually fits. I would be wary of a 27.0 as said.