I converted the whole thing over the summer. Sat down with my books and all the junk and just went over the whole thing with a fine-tooth comb. Unfortunately, I've left it at home and I'm now at school, and I probably won't get a chance to play it with my group until next summer. But, from what I remember, a few interesting notes:
1) the Kobold leaders get MUCH more powerful. Since they were just regular kobols in 2nd ed and now they are level 6+ clan leaders (according to the MM, which is what I went by) they can be pretty formidable with their devious plans.
2) Trap DCs are hard to judge. I would suggest that you write a list of all the traps out and judge them against each other as far as how hard they are to find, etc. That's what I did, just sort of eyeballed it.
3) Hittel the Assassain becomes a slaughter machine.
4) Infyranna (sp?) will make toast out of just about anyone. She's CR, what, 24? 25? I converted her and it was just ridiculous. Heh heh heh.
5) Re: the polymorphed fire giant: yeah, I just fudged it and gave him max HP and etc. Just ran him pretty much like in 2nd ed.
6) I kept all the circumstance bonuses from the original adventure, such as the kobolds firing down a narrow hallway with a ballista. Just gave them the same + to their Attack Bonus as they got a reduction in THAC0.
Well, all that said (whew), I would definitely be interested in seeing the results of this! Since I'm going home in a couple of weeks I could pick up my conversions and the adventure itself and maybe help you out if you need any suggestions. It's awesome that someone else got the idea of doing this!
Laters,
-John-