I'm no expert, but I was told by an expert, than your better off switching to the 61X cases, or better yet 62T cases.
He told me the difference is very noticeable going from a 701 cylinder, on 6m6 cases, to a 701 cylinder, or the 61x or 62t cases.
I know the bottom half is the same, but there must be a lot more to the top. Again this isn't from personal experience, just told this by my builder when I was looking to do the same. You can pick up X cases cheap enough, and your crank will be fine as long as it's not ragged out.
And yes the carb will work. They are a little different from what I've been told, something about the 650 carb has one less fuel circuit that the 701 carbs, 3 instead of 4? Someone else can back that up, not 100% sure.