Great advice above
we build quite a few touring bikes, wilderness riders, World tourers, local mileeaters...
Here's what I'd say 1st off if you came in and asked my advice:
1: rim width effects fitted&inflated tyre diameter. a narrower rim gives a smaller max od.
It's hard to know max tyre size without fitting it on the wheel in the frame, and different riders are comfortable with different clearance.
Buy 1 27.5 tyre at max poss size, see if it fits ok, if it's too tight, use it on the front, and just go 1 size down on the back.
A slightly larger volume tyre up front gives a little more front suspension, and once the front wheel has gone there, the rest will surely follow.
2: thru axle front makes a big difference to stiffness/strength hence control, weight and feel.
Thru axle rear allows different frame design/ compliance, but irrelevant here anyway
Thru axle front/ qr rear is common for good reason -it makes plenty of sense.
3: same size frame 90s mtb and 21st century tour/ Gravel setup.
Drops with STI pull you forward, so a shorter stem gets your comfort back.
(Bar end shifters put you firmly in the Dropbar 90s MTB camp

)
If you went smaller in the frame size, the bike would feel less stable.
4: many of our customers riding sometime on tarmac don't get on with 1x.
1x's a mtb thing really. Nothing wrong with a f.mech on a gravel frame -
1x's roots are in fullsus, where chainline is less important than freedom in frame design.
The double choice up front allows 11-40 or so to be plenty on the back
I personally use 105 34/50 on 11-40 11 speed, and have built a lot of all round bikes for faster customers with this setup, they are all happy.
Grx is good if you want little gears and can sacrifice top speed, so a good choice for heavily laden plodders.
5: 105 hydros if you want good brakes. Simple.
These recommendations wont suit plenty of individuals - one of my colleagues uses klampers- they are good... for a cable brake.
Shimano hydros properly fitted and maintained (which is almost never) are incredibly reliable and amazing in function.
Personally though I use hope rx4 calipers
Sounds like a great idea - the only risk is raising the BB, which might be higher than average to start with given the period of frame design.
If you want to ride the pace though, bb height is pretty irrelevant, you might not even notice.