I converted my '97 Rivendell Road Standard (supposedly has very close geometry to the RB-1/2). I went from 700x28C max to 650x38B max, just like Palmer. I may be able to barely squeeze a 42mm Hetre in there, but it would be very tight. The fork has the tightest horizontal clearance, followed by the chain stays. I used Tektro R556 brakes as well, and they're great. You'll have plenty of vertical clearance for fenders.
Your biggest issue with a 650B conversion on these frames is BB height. According to this chart, the '93 RB-2 BB height is 271mm (266 if it's a 50/53cm), probably based on 23mm tires (according to the equipment chart).
http://sheldonbrown.com/bridgestone/1993/pages/63.htmThe radius of 650b wheels is 19mm less than 700c. You'll gain back most of that with the 38mm tires vs 23mm tires, so the net BB drop will be ~5mm. Not much to worry about, and that also equates to an extra 5mm in fender clearance.
I have a little pedal scrape with my Riv, but only when I'm pedaling in turns while pretty leaned over. I scraped once or twice on 700x28C tires too. My Shimano pedals don't seem to care too much. Grant designed the early Rivs with very low BBs, lower than he could get Bridgestone to build.
Tim
Cedar Rapids, IA