Conversion is the way to go.
I'm saving for an electric winch conversion too. We'll have to see how long the WinchRite holds up. So far so good but I haven't had it long enough to know for sure. Its a stopgap for right now but if it fails I'll probably go with an angle 18V or 24V drill for the time being.
While I appreciate that a winchrite handle costs a lot less than a proper conversion kit, you get what you pay for.
Make sure that when you do the conversion to measure the holes at least 3 times to make sure you are drilling in the right spot.
By the way, here is the best trick in the world (honest)
When you try to take off the existing winch, you will find it was mist likely bedded down with either 4200 or 5200.
So, you have 2 choices for removing the winch:
Choice 1.
Take a knife, and try to cut away all the exposed sealant.
Then take a thin putty knife, and try to get it underneath the winch, going "tap tap, tap", for about an hour, while wiggling or trying to somehow get a small crack at the base to wedge the putty knife into.
Or...
You can use my patented method.
Take your jib sheet, or other 1/2" line.
Tie a bowline in it, large enough to just slip over the winch drum.
Now, take the free end of the line, and run it fair to another winch. You might need a snatch block, or similar.
Now, slowly grind.
And "presto", the winch will just break the base sealant and pop off.
This takes about 2 minutes.
You're welcome.