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@pj_(pj)
"replete with mudguard eyes & drilled for brakes front & back - it was made to spec"
this is fairly common for english track frames from the late 50s and early 60s. it's in keeping with the idea of a winter trainer, and lots of time trials were ridden fixed.
all your ideas sound fine. you'll need a deep drop front brake if you fit 700s, and it's quite hard to get bolt fitting brakes these days that are suitable. you'l def get better wheelset if you go 700, but it won't fill out the frame as much. you won't need to cold set if you get the right size axle.