I've had a good dig in LASORS and I agree with you! I did an Oz Multi a few years ago, with the same idea. Can't remember how it all went re conversion but I know that it wasn't worth the effort for me - I just did the JAA course too so didn't save anything overall. I seem to remember something about the CAA not converting the rating unless you had 70 hours P1 or something... hopefully someone else can point us at the relevant reference...