We’ve a couple of i0s in our house (one is an ioid actually, but anyway) and one of them is set up similarly to how you describe with 700c wheels as a commuter. Tyres are fairly decent volume (can’t be more precise without them to hand though) and still HAS clearance front and rear. BB is a bit higher, angles and gearing is slightly altered but rides great for mainly urban stuff (and anything else really – pretty versatile frames). Based on that I’d guess 650b should work unless huge volume – report back though, I might fancy trying it to keep the frame going once all my 26″ rims are dead.
[ps if you do however kill yourself/the bike to death doing it, please don’t blame me]