[danpen]

Actually one of the benefits of Lightroom is that you can keep multiple versions of how you're going to develop the files without keeping multiple files and wasting diskspace. Lightroom just applies the settings to the image when you're viewing it.

Lightroom views the RAW images, with the changes, so no need to do a "conversion" unless you need to edit in another app or export for Web use. I rarely keep any derivative files these days, just create from Lightroom as required.

cheers

Dan