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Fag paper maths:
Suspension corrected adds about 40mm right?
So you'd be looking for a wheel of an ISO approx 80mm smaller than a 29er (622). Certain (rareish - see Terry bikes for women as an example) road 24" wheels are 540 iso. So that might work. But it'd be a ballache to get the wheel and any tyres.
Plus wouldn't the rack still mount at the top of the fork? So you'd be left with a larger gap underneath.
Got a plan in my head to build a functional load carrying rigid MTB. Was thinking of using a smaller wheel (24” if 26” frame, 26” if a 29” frame) on the front with suspension corrected fork to compensate in order to create a larger space to fit stuff on the top of my pelago commuter rack. Is this doable/a terrible idea/will create certain death trap?