Ok, really now, you have answered the only two questions you really need to ask.
Can it be converted? Well, it has horizontal drops, so probably.
Is it an ok bike? Well, it's made of 531, so probably.

Go convert it and ride it around for a while and then you come back and tell me whether it can be converted. My first bike was a piece of **** Fuji- if I had asked around here I would still be walking everywhere.