back in the 80's there were some (then) modern bike kits in maybe 1/10 scale, could be the Academy ones Gino memtioned under another name, possibly Nitto. To get them up to modern race bike standards would take some doing, including fewer spokes, more aero wheels, slick tires, reworked handlebar, higher number of gears on the freewheel, repositioned shifters and possibly different geometry.
Using Model T wheels would look very odd on a modern bike. There really is no way to get them to look like modern 700mm wheels and rims. Same with the Italeri bike.