I did a conversion on a Trek 620 a while back, the brakes couldn't make the 
adjustment. The REAL problem is that the brake posts are much more narrow 
on the 27" bikes and modern brakes are designed for the wider brakes 
designed after the mountain bike transition. Look more a pair of old smooth 
post Deore XT cantilevers, they work great.

I highly doubt they'll drop low enough for a 650b conversion though. 
Honestly, I'd just stick with 700c so you don't have to do a conversion, I 
don't see a big point in doing 650b conversions unless there is no 
clearance in the original frame; a bike made with 27" wheels and 
cantilevers is likely a touring bike and should easily swallow some 700 x 
35's.

Check out this blogpost for a bit more information, not me but the same 
bike I worked on:
http://nihonmaru.blogspot.com/2011/08/phoenix-project-shimano-m732-cantilever.html

After getting a quality pair of 27" wheels I regret doing the conversion. I 
got tired of always stretching the drop out to fit the modern wheel (I'm 
too lazy to coldset). I have some beautiful phil wood hubs laced to 27" 
Super Champion rims, tubes, and wolber tires that is looking for a new 
owner. The bearings are smooth as butter and they roll true. Shoot me a 
message if you are interested!

Cheers,

Chris
Berkeley, CA

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