Nah, pay the the extra for a proper montain bike with 26" wheels. You're in the habit of breaking 26" things and I predict many mangled 29" wheels if you try that.
Not really, geometry page says 50mm difference between smaller and XL model. I think you're confusing the 29" MTB with the new Peregrine, which looks to have a shorter TT and non-suspension corrected forks, hence the longer TT. It looks good, like it'd be a nice rough touring machine.