That is a nice classic, hope you can restore it to function.
Gene M of http://www.westfordcomp.com/
was my reference for old film. I have not seen him around for some time. He used HC-110 at a relatively high concentration (the highest recommended for similar film, and therefore shortest time), and lower temperatures than usual, for instance 18 C. I believe this was chosen in order to minimize eventual damage to old gelatine in the film, although less fog was also claimed.
My few experiences with old film were with Beutler and D-76 stock at standard times, on Isopan and FP4 that were 20 to 35 years old at the time of developing. I got good enough results. Strong film curling may be a problem, so be prepared for a fight to get it into the reel. If you use plastic reels, it may help to have available a card of thin plastic, same width as the film, to use at the point of insertion in the reel. You insert the old film lead together with the card into the reel, and move the lead and card inwards until the card gets past the insertion point and comes free, then remove the card and go on as normal.
For testing, best is to slit 120 film, but you could get by with 35mm film. Save the paper roll, and roll it back in the original direction. In the dark, tape a same length (it is about 50-60 cm) of 35mm film to the paper, starting in the same position of the 127 film. 127 film is 46 mm width, so you will have half a centimeter on either side, film edge to paper edge. You get interesting frames, with the images all over the film holes and edge markings; the film will not cover the entire 127 frame, but the difference will be only about 2 mm on either side. Good enough for a test.
This technique is also described in this lomography link
Waiting for your results!