650b Conversion Clearance

Some of you may be familiar with converting old road bikes to 650b, smaller rim, fatter tire, possibly more fun.  I am working on an older Fuji  for a friend at the moment and had to share this.  It has and will have the original 27×1-1/4 tires for a bit due to budget constraints.  But look at those perfect dimples, it could not get any better if you built it that way on purpose. 

Frosting on the cake is the bottom bracket drop of 60m or so.  If I had the money I would convert it and put Berthoud fenders on it just because it seems like the right thing to do.  I took it for a test ride, and even with no front load, trail in the low 40s and the big hoops it handles great.  Still, it begs for fatter rubber.