Wheel Size: There is a heated debate on the issue. Some folks say smaller wheels are inherently slower. I don't think this is true. What I can tell you is that they accelerate more quickly going uphill and from a stop, but don't hold momentum as well (you'll slow down more quickly when coasting). I have a Bike Friday with 20" wheels, so I have a little experience
The main limitation I would see with those 3 wheel sizes is tire availability. 26" tires aren't available very narrow (I think 32c is about as narrow as it gets, and that's not very narrow). 650c wheels kind of have the opposite problem - there aren't very many wider tires available (most are 23c). I would add that 650c tires are probably not as readily available. It really depends on what you want the bike to do - but if you want to be able to do rail trails, you may have a problem getting tires for 650c wheels.
Drop outs are the place in the frame where your wheels go (where the frame sits on the hub).
Not sure about disk brake mounting, but I can see the advantage of having one only on the front as most of your stopping power is in the front anyway.
CA
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