I'd say wait for the right frame. I know nothing about 650 conversions, though. If nothing else, I would think it would be easier to just buy a wheel-set than to buy new parts and have one built, unless you can build your own wheels. And I wouldn't think you'd need new hubs if you use a donor wheel-set, which might be a good way to go there. New hubs are pricey for something nice. Unless you just want some OK quality hubs(nothing wrong with that. That's all I have.), in which case I'm sure someone on the forum can help you out for cheap and/or shipping.