Well Folks,
John French does it again. Just got off the phone with him and for those of us on the east coast that can make the drive, conversion of the 5050IIB does not seem to be a problem. Direct RCA line outs from the heads and switch (external to internal electronics) installed for approx. $200. Re-lapping and aligning all four heads and cleaning 2t/4t switch $295. At which point you will have one of the only 2 OR 4 Track, playback and recording, 3.75 OR 7.5 OR 15 ips, 7" OR 10.5" reel accepting, IEC OR NAB selectable internally, with direct out from head option TapeProject ready decks available.
Otari Owners Rejoice! We are now players too.
If you are not so close to New Jersey, you can ship your deck, but that adds significantly to the pricing. Also I did not make him commit to pricing, so yours may vary depending on the overall condition of your deck.
PS. doc, I'm sure John would share the procedure with the DIY crowd once he gets it done to his satisfaction.