027 refers to track that forms a circle 27 inches in DIAMETER, not Radius, as you would likely be more familiar with in HO, it also refers to the equipment that can be operated on this sharp of a curve. 027 track has a shorter (Heightwise) rail profile than O-Gauge track ( 31 inch Diameter minimum curves) 027 track will also have brown ties, as opposed to O-Gauge (031) track that has Black ties.
027 track is offered in 027, 042, 054 and 072 curves, with 027 and 042 curve switches (turnouts to HO modelers)
O-Gauge track is offered in 031, 042, 054, 072 size curves, as well as larger one by other companies, such as Ross Custom Switches and Gargraves. With switches offered in 031, 042 and 072.
027 and O-Gauge track are the same Gauge (distance between the rails) as are Fastracks and MTH RealTrax. the main difference is the rail height and minimum curve, they would require adapter pins, or track sections to intermix the different types of track, but any 3-Rail train should run fine on any of them, provided you have a large enough curve to operate your particular equipment.
In modern 3-Rail O-Gauge, your couplers should work well together regardless of the manufacturer.
Lucky You to have a wife surprize you with some Lionel for Christmas, Does she have a Sister?
There will be many new things to learn, compared to what you have been familiar with in HO, I made the move (mostly still have HO, and am in an HO club still) a couple years ago, and I haven’t regretted it once, the size of the O-Gauge equipment can be very addicting.
If You have any more questions came back and ask some more, there is a wealth of knowledge here, as close as your keyboard, and a Very Friendly Bunch to boot.
Doug