Squirrelhunter,
Just some quick answers for you to get you started:
First off I'd inspect the bow for any twist, delams, splinters, and such. This should be done with any bow you intend to shoot. If all looks well, then good to go. String up the bow using a NEW string of the correct AMO length. Do not use anything but B50, or a flemish twist using non fast flite material. These bows were not built for new string materials. Let the bow strung overnight, and inspect the following day for any changes in structural appearance, again you're looking for splinters, delams, etc. If all looks good, short draw it a few times to excercise the limbs, listen for "clicks" or "pops" that may indicate failure. You don't want to come to full draw and have her "give up the ghost" on you. Excercise it for a day or two gradually coming to your full draw, which brings us to your next question.
If your drawing 27 on a wheel bow, then more than likely you'll be drawing a tad shorter. My guess would be between 26-27" draw. For arrow length, you can have someone else mark your arrows while at full draw (carefully), go to a shop and have them determine your draw using there draw length bow, or as most do-put a close pin on a long arrow towards the tip, come to full draw, the close pin will hit the riser and slide up the arrow towards the tip, measure where it stops to the bottom of the knock groove. This will be your draw length. I'd add an inch to whatever you come up with so if you overdraw the bow, you won't pull a broadhead over your riser.
Arrows are up to your descrestion. If the bow is 45@28 and you draw 26-27"your looking at 39-42#. Best bet would to pick up some Goldtip 3555 and start long, with your desired head weight, and bare shaft them, taking off length until your shafts are shooting correctly. Check out OL Adcocks webpage on tuning, great info there.
http://bowmaker.net/index2.htm When comes to shooting fingers, you have a few choices, split finger (one over the knock and two under), or 3 under (all three fingers under the knock). Shoot what comfortable to you and don't be afraid try both.
Broadheads, I like two blades, some like 3 blades. Forget mechanicals, they go out with the wheely.
Good luck, and don't be afraid to ask questions, and the search is also a great tool.
Tim