The intended reason for using conversion right now is to reduce the supply of SBD which is very high, resulting in reduced printing and even less downward pressure from new supply.

You raise an interesting point about lacking downward pressure. Perhaps an alternative would be holding the SBD in order to potentially sell it later, should the SBD price rise above $1. I think that could make sense if the SBD supply is already low enough that print rate is not a concern. I'll consider it.