Yeah, 9.25" with 700c wheels is pretty darn low (assuming your measuring from the ground to the middle of the BB). I believe you need a minimum of 10.5" to avoid consistent pedal strike after conversion, and 175mm crankarms will put you seriously scraping the ground.
Here's a quote from
Ed Braley's page on the topic of 650B conversions:
"The bottom bracket will come down a bit with 650B tires, you can expect a lowering of about 8mm-10mm converting from 700x23mm tires to 650x38B tires. For reference, the old racing standard for bottom bracket height is 267mm, and that was determined when people rode toe clips and straps on 170mm cranks. It's still a good guideline. So a good 650B conversion candidate will have a bottom bracket height of about 275mm with 23mm 700C tires. More is better, but anything lower than 270 is risky."
Neal