Couple of things to consider... with a frame that small and 700c wheels, you will have one of two issues. Either the geometry will be very strange or you will have toe/wheel overlap. The overlap is only an issue for me at slow speeds, but I have fallen over because of it.

That being said, the wheel selection at the 650 size isn't great and it is annoying to not be able to use a partners tube in the case of multiple flats.