UPDATE:

I picked up a mid-80's Takara MTB that is basically a knock-off of the old slack angle, long as a Battleship Stumpjumpers. I had a local framebuilder cold-set the stays to 135mm and it's waiting to be picked up. I got a quote on moving the canti braze-ons on my 730 and it's a fair price for me, if I decide to go that route.

I've been riding the 730 (sans brakes and gears) with 26" wheels and the knobby tires that came on them. I ordered a set of 55mm Big Apples and due to weather conditions, I just got one of them tonight (ordered almost 2 weeks ago). I stuck it on the front wheel and I already had my good 700c wheel on the back of the 730 and took it for a ride with a 700c/26" back-front mix, just to see how different the lack of knobbies would make the ride. I was very pleased because I didn't know if the sluggish ride was just part of heavier 26" tires or it was primarily the knobbies. It was definitely the knobbies so my idea for building a dedicated 26" bike is sound.

Once I get the second Big Apple I'll mount it up on my rear wheel and spend some time swapping them back and forth between the Takara, the 1995 Trek 820 and my 1995 Trek 730. Then I'll make a decision. The 730 will have to just blow me away with it's ride quality in order for me to have the studs moved but if it does, I'll make the commitment.

When I pick up the Takara they should have a 26" LHT that I can ride. Ordering a LHT frameset is also an option. Finally, I am also considering the Velo Orange Camargue that should be available in late Spring. Once they post the final geometry I'll know if it's definitely in the running or not. I would prefer stay with 700c on that bike.