I ran an El Rey with just a 650b rear for a while and it was more like 1/2 inch. It was 3/4 inch at the rear wheel axle but as you move forward to the BB it gradually reduces. If you're running only a 100mm fork, putting a 120mm fork on would negate the drop but make the front end more prone to lifting on steep climbs.
Didn't measure but looked about 3/4" drop, made for a "large/medium" feeling frame ... low n slow but def fun in tight singletrack - I need to try just the 650b rear.
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