I don't know how many of you guys did the conversion over here, but there is a point missing.
In order to hold a Brazilian CP, you need to have a Brazilian 2o grau (High School) or get your diploma recognized, which is the biggest pain in the ass of the entire conversion.
Just to give you an idea, an American Diploma will have to be taken to a Brazilian Consulate in the US, that has jurisdiction over the state you got it in. It can not be sent, before you take it there you have to go to a Notary (in the US), most US Diplomas are not notarized only the transcripts are in case you had University credits. At the consulate they will put a legalization on it, it's a 25 R$ fee but some how they make their own exchange rate and you have to pay 25 US$.
If you have a Brazilian name the fun begins now, most US Diplomas will not have your entire name on it, so you will have to go to a place like Fullbright Inst in Brazil (they handle Brazilians that study abroad), they are connected to the US education ministry and the Brazilian one. They will certify that your name and the short version on the US diploma is the same. One you are done with this you have to translate the documents (Diploma and Transcripts...yes they can't read number in English at MEC here). Each page costs about 40 R$ to be done, and has to be done by a sworn translator (not many that are allowed to do it, and they are usually busy and they will charge more for a fast service). When the translation is over you have to go to a Cartorio and get each page recognized, about 12 R$ for each page.......finally you can take it to MEC...
At MEC you have to do a Cadastramento and your stuff will go on file, and stay there for long time before the only person in charge, I said only! will look at it and write on a piece of paper that your Diploma is valid in Brazil.
In Brazil you can't fly without this, the Aercolube will not allow you to do any training for the conversion...
My friends Diploma took 5 months, mine around 6, and an other guy I know a year in MG.
Good Luck
Doing the Conversion from a JAA or FAA is the same thing, the only difference is that the FAA will notify ANAC by phone, the FSDO in Orlando has somebody that speaks Porto. While the JAA will send the documents from the country you got the license.
the only thing that works here when you do the conversion is the CEMAL, they are great over there (military!!), everything works fast and well!!