I'm looking to complete my FAA IR and Multi-Engine ratings, then do a conversion to EASA PPL ME IR.
Is that recommended? Or should I convert my FAA PPL to EASA PPL and then complete the EASA ME and IR ratings?
At the moment, the FAA PPL to EASA PPL conversion process is easy, but the FAA IR to EASA IR process is hard. There are two potential developments that may make it easier in future over a timescale of perhaps two to three years. One is the proposal by EASA for a competence-based modular IR with a significantly easier conversion of third-country IRs. The other is the development of implementation procedures for licensing as part of the Bilateral Aviation Safety Agreement between EASA and the FAA.
Thus if I were you, I would do the FAA IR and ME ratings now (assuming that you would want to use them in the short term), and keep an eye on the conversion options as they develop.