BogusOne

Shouldn't be a problem if you stick to a tyre that is not too wide. The 29er tyres I ran was kenda karma 2.0's and they were fine with clearance. Keeping in mind the Karma's isnt a very high volume tyre. I would still if I was you just pop around to your LBS and try some different options as some of the other hubbers have mentioned before you spend the dosh on the conversion. But you should be fine.

You should be fine with 27.5 wheel and 2.1 tyre. I managed to get a 29er wheel with a 2.0 tyre in that exact Raleigh RM4.0 frame with extremely minimal manipulation of the frame.

http://www.merkabici.es/blog/wp-content/uploads/2014/02/Bicicleta-cubierta-con-piel-de-cocodrilo-WLWC-5.jpg

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http://lostinasupermarket.com/wp-content/uploads/2011/07/derringer3.jpg

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Sorry bud been away for work and only saw this now. Let me know if you still need and ill get them to you asap

If you don't come right Flowta just holler this way as well. Have some laying around.