The Collegiate already has a pretty large big cog because it's a 5 speed. What I would do is to put a slightly smaller chainring on it. Tire size is limited because it has 27 inch wheels but you can get 27 x 1 3/8 (35 mm) knobby tires, which are the largest 27 inch tires I could find. I think the Collegiate has steel rims, which don't stop at all in the wet. It has a one piece crank and a heavy Chicago electroforged frame. It really isn't worth putting any real money into it for gravel as the frame is not very adaptable for gravel and is heavy. It's not worth converting to a 3 piece crank as the frame is a real tank. I could be a beginner real nice gravel bike with the soft eraser colored rain brake blocks (or better yet the English cork and rubber rain brake blocks made for steel rims). Steel rims don't stop when they are wet. A one piece crank smaller chairing is inexpensive but the tires will cost some. If the tires on the bike are good you could just use them as 1 1/4 inch is almost 32 mm. Either tire will work well on gravel roads but not in sand or on steep downhills when it's wet unless you put on better brake shoes. A rear disc would require a different hub and then a 700c rim probably unless you lace the new hub to the 27 inch rim. The rear spacing will be different with the new hub so you would have to spread the drops a lot. Also you would need to mount disc caliper mounts on the stays and they have to be perfect or you will get rubbing, no room for error here. I think all this has too many problems. I would go with tires, gearing, brake blocks, new chain and cables. If the chain is stretched and wore the gears then they will skip with a new chain and you will have to replace the gears as well, a common problem as no one replaces chains. It could be made to work but be careful or you could spend a fortune and not have an easy riding gravel bike. In the 1960s and 70s I used a lot of bikes like this for gravel and two track riding and I did just great until I hit sand. Sand that washes down a hill and collects at the bottom, well then your going down at high speed. I really had no other problems riding them miles and miles. I used a lot of 26 x 1 3/8 wheels back then as 27 inch rims only had 1 1/4 inch tires available back then. It could be an enjoyable gravel/two track bike with little expense and effort.