The track you have will likely do fine. Only the tops and inner sides of the 2 outside rails need be cleaned well on the surface. Pins and track pin holes inspected for corrosion too though. You can use O and 0-27 can be used together by adaptor pins, or manipulating the rails pin holes with pliers. The adaptor pins make it easy. It normally gets better with use too.
If it's going on the floor, tubular scratches, and plastic roadbed track is very loud, you'll need a rug . On a table? Use thick wood, thick foam , homasote, etc.etc. to quiet it. (Tons of threads)
If the old track pins themselves have a slit from being hollow, rolled metal pins (crushable with pliers) vs being solid pins, chuck the hollow ones for solid pins especially on the center rails.
Those hollow pins tend to rust from the inside out and when they do are unable to deliver as much power across the pin. The center rail only has one pin and therefore half the conducting metal as the 2 outer rails combined. So adding at least the one solid pin to the center is a good idea . Those pins on the center rail can get blistering hot from the resistance if weak. Soldering jumpers onto the rails right across joints isnt too hard. You can alternatively do that if the holes and pins are in poor shape. Wire can also be soldered right to the rails foot if you don't have or don't want lock-ons. Add a power feed about every 3-4' for smoother operation. Also one feed on each leg of a turnout (switch track). Power passes through the switches, but not very well really, better to jump a better feed across them.
If you have a whistle/horn check to see that it will function properly on a CW-80. Not all old style whistles do well on newer transformers, and not all new whistles do well on old transformers. A old one modified with a diode stands the best chance at all around function. The big difference is a 5v boost on old whistle transformers to compensate for the increased load of the rather energy hungry steam whistle motor. Newer whistles are electronic, or use a lightweight can motor, so they don't need the boost and so the feature got dropped. Another mod could bypass the boost if not needed too.
The 1033 family of transformer is the smallest I'd look at from post war. With expansion in mind, a KW or ZW of any era, or picking up multiple smaller ones as you go.(must be phased for 2 or more, not hard at all)
The LW is the coolest small transformer imo. Lots of amps, whistle/horn, reverse button, and a very cool lighted dial.
Check your wheels. Some cars of the era have plastic wheels. You can swap in metal ones for better performance and it adds more weight keeping them railed better.
O-27 puts a limit on the size trains you can run, think hard about using the switches in a freight yard and going 0-31 or larger. The larger the curve the larger the locomotive and cars to be run. That GP or an RS loco would be about as big as 0-27 allows.
Look at Menards tubular. Nothing beats new track and the price is very nice.
If you are going to buy new, and not stay low cost tubular, you should really also consider GarGraves or similar track, especially if you might prefer a more realistic look in the end.