I wasn't sure about the rear wheel when I saw it and didn't pay attention to the front. Wheels are kind of like a consumable, they can get changed out for something better. Or something worse in a pinch. You can't go wrong with the Araya rims. My 1981 Miyata 710 came with 27 x1 1/4 Araya A20 rims on Sanshin hubs. I swapped those out for set 700c Super Champion Gentleman rims on SunTour hubs. The Arayas got laced to a pair of Sturmey Archer drum brake hubs in 1990 and mounted on my Miyata 600gt, where they've been ever since. Got me through Paris-Brest-Paris and many nasty weather rides.
I did notice that the bike originally had brake safety levers, or turkey wings, on it. Good thing that they are gone. If the new brake hoods don't have a knock out for that extension bolt, you can shorten the bolt with a hacksaw. Or visit a bike co-op (good place for a Chinarider) for the shorter bolt or a different lever, cheap. You can check out a local bike shop, but find one that's been in business forever and talk to the old guy. Sad to say, but a lot of bike shops aren't much better than a low buck auto parts store anymore. This place is handy sometimes, too.
https://www.loosescrews.com/
As good 27" tires are getting harder to come by, you might consider swapping the wheels out with a pair of 700c wheels in the future. That said, I scored a pair of 27" Continental Gatorskins awhile back that are bullet proof. Being Contis, they weren't cheap, but I haven't had to replace them yet.
What saddle did you put on it?