Will mentioned using a Wolverine fork -- aren't those welded?
Almost all welded forks (unicrown and 5-piece) have a separate ring for the headset race, that is welded only at the bottom. The thin bit that extends up from the welded base should not be milled down to 26.4, because that leaves it too thin (0.5 mm). The thin bit is not attached to the steerer, only to the thicker base where it is welded, and it can break off there, at the transition from thin to thick. It may work for years, or indefinitely, but it is less reliable and lots of them have failed that way.
Rarely, adapter rings have been brazed to the steerer, on an otherwise-welded fork, but that's pretty much only seen on high-end or custom forks.
Here's a picture of a welded fork with a brazed crown-race adapter. (Read the builder's comment for why he does it that way. I used to do them that way too, on the few custom welded forks I made)
Outside of those rarities, the only unicrowns with a brazed ring for the headset are the fully fillet-brazed, or the occasional brazed-lugged-unicrown like on some early StumpJumpers, Bianchi Grizzlies and a few others:
You can usually tell by looking -- even if painted over or chromed, the little fillet at the top from brazing should be visible. If not brazed, I recommend leaving it at 27.0 and getting a crown race to match.
The problem of 26.4 size on a welded ring can be mitigated somewhat by using a cutter that leaves a large radius at that inside 90° corner, where the thin cylinder meets the thick welded bit. Headset races always have clearance for that fillet, or at least I've never seen a headset that didn't. The Campagnolo cutter and clones thereof had a 45° chamfer at the transition, not as good as a curved fillet, but better than nothing. The chamfer still has a sharp transition from the thin part to the 45° angled part, so there's still a stress-riser where the thin bit might tend to break.
Sorry, I have never seen a Wolverine fork in the flesh, maybe they deal with this some other way. This warning is more about generic welded forks.
Mark Bulgier
Seattle WA