In general, the seat post insertions is no problem for this frame. On my large frame, I can fully insert my 180mm OneUp V2 dropper, almost 27cm of insertion.
Regarding the overfork/underforking questions, the reach would be quite different. The FM1002 has much more reach than the FM1001. Underforking the FM1002 would increase the reach even more. Over forking the FM1001 would decrease the reach even more. I would guess 5-9mm difference each way, plus the 7mm built in difference so the two builds would have a 17-25mm in total reach difference.
Personally, I would recommend overforking for both bikes! My 170mm Lyrik puts me at 64 degrees with the head angle and make my large frame feel more medium. I think the FM1002 is the best, just don't count on the paint being perfect if you go with Carbonda!
I'm leaning towards not this frame after all.
I currently ride a trail bike with 455mm reach which feels short.
The FM1002 size M has a reach of 457 which is pretty dead on, and underforking it by 10mm brings that up to 462 which is an improvement but not by much.
I think the best fit would be a L frame, but the 440mm seat tube length is too tall for me.
The struggles of short legs and long reach, my body geo makes bike shopping hard lol