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The drillings are there more as rack/guard mounts and are unlikely to line up with all but wacky specialist calipers; this frame is designed for stud-mounted brakes.
Path of least resistance for 650B would be something like Paul Motolite brakes (£££), or vintage Tektro equivalents (rare), with sliding pad mounts that can be raised enough.
Also consider that the chain stay clearance on this particular frame is quite tight.
ectoplasmosis
L_Lokii
There's drillings for caliper brakes on here, which would be more set up for 700's. I know you can get adapters to raise the position of v brakes to fit 700/650 and if I'm not mistaken, caliper brakes come in varying lengths and adjustable pad heights?