I know this thread is old, but want to contribute some of my recent experience. I own a 2012 Element 70 MSL (not RSL), and have recently converted to 27.5", as some others in this thread have done.
I also want to point out that some of the replies here are correct, some are not.
For wheelset, I have a set of WTB STP i25 27.5". Initially, I wasn't sure of what tires would work, but I had experience with Rubena tires being lower profile and narrower than other brands. I purchased a set of 27.5 x 2.25" Rubena Scylla tires, and they fit my stock Element 70 MSL with no issues. Tires cleared the chainstay and fork without any issues.
I got brave and tried to put a WTB Bee Line 27.5 x 2.2" tire on the rear, but didn't work. The tire profile was too high and the center knobs were hitting the chainstay. Just goes to show that not all tire manufacturers follow a standard.
Seeing kitsuma's post showing Racing Ralphs fit... this is correct. I purchased one 27.5 x 2.25" tubeless Racing Ralph and it fits on the rear with no issue. Plenty of clearance as he shows in the picture. I only bought one, so don't know how it works up front. At this time, I have upgraded to a 27.5" fork with same crown to axle distance as the stock, Fox 26" fork - this allowed me to keep the same overall geometry. Now, I'm able to run that WTB Bee Line up front.
As for the rear tire hitting the seat tube at full shock compression, I'm not sure where rockyuphill is getting his data, saying 'The MSL won't work as the additional 20mm of travel will cause the tire to hit the seat tube. The seat tube angle on the MSL is a bit slacker so there's less tire clearance available as well'.
I released rear shock pressure and compressed the rear triangle / shock to its limit, and the tire didn't come close to hitting the seat tube. No worries there, and even if it did, the chance of you fully compressing the shock on this bike are slim. I've never seen my shock o-ring get close to the bottom of the shock, even on my most 'bumpy' rides.
Gotta say, it was an awesome bike with 26" wheels, it's better with 27.5's! Might be a little less nimble, but it makes up for it with acceleration and clearance.