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Question is how much I would gain by going 650b
You're moving the fattest part of the tyre about 19mm closer to the dropouts. Given straight stays, that would be about (19/350)×(135-40)=5mm extra width between the chainstays, but the Pompetamine stays are actually dimpled to clear 700C tyres. Looking at mine, I'd say there might even be less tyre room if the rim shrunk in radius by 19mm.
Yeah, thats what I had in mind. Running knobby 35s now and reckon i'd have to go down a few mm to be able to be able to fit proper mudguards. Question is how much I would gain by going 650b, if its only a few mm its probably not worth it. If I could fit something like 38 with guards and 42 without i'd probably have a go...