Nicely looking idea. Not sure about the benefit though. SSD can be fitted in ThinkPad in several ways already 1) swap internal HDD 2) use the optical drivebay, needs a caddy 3) attach M2 SSD instead of WWAN card (this option is slower) 4) attach externally via eSATA (with adapter cable) All of the options above are bootable (not sure about eSATA, but can test). One more option is nice, of course, though not sure that…
Those older ThinkPads predate M.2 standard and since M.2 is longer than mSATA/mPCIe they simply don’t fit in case they needed a PCIe based storage.
There are 42mm long M.2 drives and as all M.2 cards, they are 2mm wide. The largest 2242 SATA drives are 1TB from such reputable brands as Kingspec and Dogfish and I strongly recommend avoiding them like the plague. I'd stick with the Transcend MTS 430S at 512GB, it's the first SSD in such a size with a DRAM cache, launched last year. (At least the first retail, no idea what goes on with industrial SSDs.)
Full height Mini PCIe cards are 30×50.95 mm. You can indeed buy an msata to 2242 adapter and it's cheap as dirt because it is completely passive, just the PCB with the right edge connector with the M.2 key B connector mounted on top. Zero electronics necessary. It's just SATA.
For the sake of completeness, I must note some newer 2242 drives are key M / NVMe / PCI Express and I haven't seen such an adapter yet. The Sabrent 2TB Rocket is the largest 2242 SSD I am aware of and it's key M.