BB drop would be how much lower the centre of the BB is compared to the wheels' axles. The ideal value is hard to determine because it depends on what you expect from the bike.
As for the effect on handling, a higher BB will move the CG upward, making the bike more stable in terms of side-to-side movement. However it'll be more likely to flip over forward or backward.
BB height is only one of the deciding factors of course. Head angle, rake etc also have a major influence on how a bike behaves.
Start by measuring your favourite rigid bike's BB height. If you know the exact diameter of your new 650b wheels with the tyres you'll use, it should be easy enough to calculate the desired drop. The formula is easy : wheel radius minus preferred BB height equals drop
As for knowing the diameter of the wheels, don't just trust the general "650b = 27.5 inch diameter" guideline. Tyre size has a tremendous effect.
Swapping my Schwalbe 26x1.95" City Jets for a pair of 26x2.35" Big apples will push my 26" wheels' diameter from 26.2" to a full 27", effectively moving my BB up by more than 10mm and drastically altering the bike's stability and handling characteristics.
My 26" Scott is a perfectly stable yet nimble bike, at least for me. It has an axle height of 33.2cm and a BB height of 31cm, which means that as a 26" bike it has a 22mm BB drop.
If I use that generalization I prefer to avoid, a 650b has a 3/4 inch (19mm) taller radius than a 26" wheel. Taking my scott as an example, the drop would become 41 mm (22mm+19mm), which is bang in the middle of the values you mentioned.
EDIT : 425mm chainstay on a 650b? I hope you are either building an e-stay, a road bike or plan on using a single front chainwheel, because that's going to be a tight squeeze if it's an MTB.