My main ride is a 650b 1973 Raleigh Competition, reraked and remade by Peter Weigle. I'm about 200 lbs, and would guess that a custom frame for me would use a bit larger tubeset, although I love the way it rides.
I concur with Tim's observations. I took the plunge when I realized that one of my favorite riding bikes was an old Super Course MkII with 27" wheels that I rode decades ago, with a handlebar bag. I still have a photo, and that rake sure could be "low trail". Note that this is the only picture I still have of this bike from 1975, and obviously wasn't only ridden with full touring kit.
I recently did a rebuild of a 700c 83 Lotus Classique, which is not low trail:
Now I can compare and contrast. The front end on the Lotus feels a lot more lively (twitchy?). If I were racing, I might be in a better competitive situation to jump out of a peloton on a flyer, or to react to someone else doing the same. I think of this as a more "competitive" bike. On a long brevet, one is more likely to want to stay together in a paceline. The low train bike makes it easy to do that, it seems easier to keep in a straight line without much thinking. I think of this as a more "cooperative" bike.
The biggest difference I notice is on windy downhills. I have a perfect, 45 mile course to test this out on, with straights, flats, and hills. I need constant, small corrections to keep my line on the Lotus, whereas the Raleigh/Weigle just goes exactly where I want it to go.