Re:
Remember you've also got to ensure that the front can take a 650b wheel/tyre too..
Many forks will physically fit one, but not under compression (the tyre will contact the brace and...stop.)
If you already have 650b forks, you have no problem; but if not then there are further cost implications.
You
may find that a 650b wheel will fit in the back anyway, have you been able to borrow and/or try one?
In this way you can decide perhaps how much modification is required and what the costs will be (esp if you do need a new fork).
Then there's the geo implication, yes you will raise the entire bike, inc BB - you can somewhat overcome this with a shorter shock (again, cost) and you need to remember that the rear wheel, if bigger, will be closer to the seatpost under full compression. Front mech/cable routing may also need alteration.
From that perspective I understand why you ask about modifying/replacing the triangle; but don't forget the forks!
I've done myself a little of what you're suggesting. A '97 Giant ATX990 with discs, running 650b wheels with sensible (2.25") tyres; shorter shock, for geo, etc..
http://www.retrobike.co.uk/forum/viewto ... mp;start=0 It's effing brilliant to be honest, fantastic bike, climbs great.
I was lucky however, that the bike fitted the larger wheels comfortably; with mud clearance to spare with no heavy modification required. So I'd suggest that's place #1 to start, less modding needed!
Check out 650bpalace.com, and the original 650b conversions thread on MBR (no registration req'd!) where that originated; there's a wealth of information there inc specific wheel/tyre/frame sizes (in some cases measured in mm) to check cross-compatibility with a number of different combinations.