There should be no problem just lowering the front derailleur to adjust for the change from regular to micro-drive.
Are the hubs of the same type? Microdrive was a Suntour product while Rapidfire is Shimano. You won't be able to put a Shimano cassette on a Suntour freehub. If the makes are the same, you may not even need to redish the wheel.
As for the shifters, use whichever you prefer. You will probably get the most for the M2 frame/fork though it won't get you that much. Used thumbies will likely only pull $20-40 less fees.
What year is your Blizzard?
Are the hubs of the same type? Microdrive was a Suntour product while Rapidfire is Shimano. You won't be able to put a Shimano cassette on a Suntour freehub. If the makes are the same, you may not even need to redish the wheel.
As for the shifters, use whichever you prefer. You will probably get the most for the M2 frame/fork though it won't get you that much. Used thumbies will likely only pull $20-40 less fees.
What year is your Blizzard?