I just purchased one of these frames from Chucks bikes to build up a low budget time trial bike. IThe local club has a time trial night and I thought this would be a fun project. Does anybody have any front chain ring recommendations for 650C wheels?

650/700 x 53 = 57.07

57 would give you gearing equall to a 53 tooth chainring on a 700 wheel.

I see a lot of the 650 with 56 tooth chainring.

It depends on the rear cog combination as well. A typical 53/12 setup (eg. 53, 39 front cogs with 12-23 rear) on a road bicycle yields 119.2 gear inches whereas a 53/11 setup (53, 39 front with 11-21 rear) on a tri bike yields 125.3 gear inches.

To decide what gearing you want based on your experience and capability, you need to consult a gear inch chart/table such as http://home.i1.net/~dwolfe/gerz/index.html