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@D_Mars
That's a nice little project, But you could come in way under £500 with the right picks.
I would avoid 650B in this instance - Unless you go Disc, 650B rim brake rims are hard to find and pricey. Velocity do make some though; the Synergy(?) Also inner tubes and tyres are not as available.
The older orange frames do have low head tubes - You'd be better off with a Kona for a longer HT and plenty of stand over.
1x9 is a good idea as long as you put a decent guard on there - something like an alfine chain set with it's integrated guard