Results of Single Level Version Conversion Utility
I wrapped up my questions to PTC with utility "works to specification" which is not the deep level of understanding I was hoping for, I was assured that things like purging and deletion would be unaffected but I want to test that to be sure or at least document them.
Here is what I wanted to document. In our use case, all MFG views were created from the Design view using "New View Version". We never revised from the MFG view downward.

I am sure the conversion had to make some compromises for other use cases but the database does record the predecessor version in its tables showing it came from the Design view in each case. Post conversion, except for the first version of the MFG view, all now show as revises.

While the predecessor version was altered, as mentioned in my previous post, the iteration that the version was created from was retained showing the Design version. The database records somewhat disagree with each other. PTC indicated that this was ok and should not impact integrity and functionality. I have to their word for now but I will close with some testing results. I just wanted to clearly document things for others though I expect I am a behind the curve on this one.

