If you want to set a form value from within your validation callback you'll need to use something like form_set_value. Values that are assigned directly in the manner shown above will not be retained, but that function should do the trick! It's specifically intended for this purpose - setting a form value during the validation phase.
For example:
function myform_validate($form, &$form_state) {
if (empty($form_state['values']['field_b']['0']['value']$form_state['values']['field_b'])) {
// Note that the $form array - not $form_state - is used in the first parameter.
// The second parameter is the value you are setting.
// Third just pass the $form_state array itself, which will be altered by form_set_vaue().
form_set_value($form['field_b'], $form_state['values']['field_a'], $form_state);
}
if (strlen($form_state['values']['field_b']['0']['value']$form_state['values']['field_b']) > 260) {
form_set_error('field_b', 'Text in field b is too long');
}
}
}
}