Too Tall

t.o. Yeah I was annoyed about that monster Bob Jackson, because it would have been perfect!
I found a 27"(!) Argos 531 tubing, which I hope might be a bargain. Although probably not, since I'm advertising it, but I will have to trust in your good natures - and smaller statures!
The guy says it's a touring bike, I don't know whether it's suitable/sacrilegious to buy intending to chop it up.

Any thoughts?

The frame doesn't seem particularly touring specific so could be adapted well for street riding.

I agree with don't change it though. You'll be taking off some of the nicest parts for little to no benefit. It's a really nice bike as is. Of course if you just want a fixed to hang out and look cool on then go ahead and cannibalise it but it'd be an awful shame to do so. Just my opinion though.