It seems like the 200mm shock mated to the 160 limbo chips would likely require some shimming to avoid seat tube contact. The 140 chips space the upper shock mount a little further rearward, if I understand correctly, so your wheel is starting out in close to the same spot as in 160 mode, but stopping short and leaving extra wheel clearance at bottom out vs what you get in 160 mode. Using the shorter shock with the shorter 160 chips should move everything into the deeper end of the wheel travel range....probably too deep with a 650b wheel to avoid seat tube contact...... hmmm....
Can't wait to hear what you guys find....hopefully somebody will try it soon... might be another viable setup option which, if done correctly, would drop your bb height, slacken everything a bit, and still provide a decent amount of travel without (hopefully) bottom out issues.
Side note... I'm loving the full 650b on my SL. The isses to get around: tire clearance, bottom out, and ride height are pretty well documented already. Can't do anything about tire clearance, and bottom out is easily tuned out with shimming. For ride height and overall shock rate, I've found a really nice balance by installing Fox's medium volume reducer in my RP23, and then dropping a surprising amount of air pressure. I used to run 165psi, which resulted in about 20% sag max (maybe a little less) in order to avoid frequent bottoming. Now I've got 130mm of available travel after shimming, with 30% sag at 140psi, and a spring rate that provides much better mid and late stroke support. With the shorter travel and extra sag it does feel like a shorter travel bike, but not in a bad way because the spring rate is more progressive and just works better overall vs the stock very light tune RP23 I have.... a little extra comp damping would be the finishing touch I think. Anyway, sorry for the hijack.... I guess my point is that dialing the ride height and shock characteristics are key, and we have the tools readily available to do it.... so the short shock / short chip idea might be another really cool mod to dial in just what you're looking for.....but DON'T neglect to check your bottom out clearance carefully!