Hi there, first of all, congrats on the new bike.
Few questions, you you have geometron version of g16 of nicolai version(geometron has mojo logo on the seat tube brace)? Boost rear end or non boost? Your questions and many more were already answered in geometron owners group on facebook and MTBR geometron development thread on MTBR, if you haven´t gone through those and have time to read (a lot of it) I would suggest to do that and join the club.
If you don´t, well it´s all very subjective and what works for one rider won´t work that well for the other. G16 wasn´t really designed to be full 29er even though you can fit 29er rear wheel as you have so going to 27.5 in the rear is a good direction. Regarding the front wheel, that´s a bit more open, hybrid setup has a lot of pros but depending on exact model you have will have some limitations. The way I would do it is either keep the X2 in there (especially if it was the older one without volume spacer limiting red band), put it in high setting and keep the fork as is and try it. The frame was designed with x2 in mind and thus works well with it despite it not being very good shock in general. Cane creek option, well that one is somewhat similar in the way they both work, again if it was me, I would run it in low setting and use spring that would give me appropriate sag for 216x63 shock not 222mm shock (ideally 21-22mm) , that way it will behave in the same manner as shorter travel shock option would but you will have those 20mm of travel left if you need them one day.
Now if you want to go down the DC fork route, that absolutely is an option but I´m not sure why wouldn´t you go for 29 version there if you have to build the new front wheel anyway? or maybe you have hub that just needs different endcaps and you could keep the wheel as is? with DC forks having shorter AC length it´s actually even easier to get the right numbers geo wise. I run full 27.5 setup but if I could get 29er lowers for my very fine tuned fork I would deffo try hybrid, I cannot and I´m not willing to sacrifice awesome fork for bigger front wheel. If I had 36 though...Ever heard of morc 36? 
