Funny you should ask. I did a PL 5 Farscape game for a while with MnM.
There were no hardcore coversions per se, just some guidelines. At first I used the optional hit point rules so that I could still use my Farscape rpg book. But after while, it seemed to speed up combat by going to the Damage Save.
My guidelines:
PL 5, Super Attributes could only be bought up to level 2, skills cost 1 for 2 skill ranks, we ignored the feats, Skilled and Talented.
Mundane weapons and armor (PK stuff) didn't have to be paid for in PP points. They were essentialy "free."
The stats for weapons came from the MnM book after I switched to the Damage Save and no one complained. For armor, I mimicked stats from the Farscape rpg for the convience of players. If you are starting from scratch, I suggest you just work up some stuff for yourself, though it seemed that the rpg claimed there was power armor that added to your Str, I never saw such in the series.
You might want to limit a total number of feats to be bought because at lower levels they deliver more of a punch than PL level powers do.
For Powers, I suggest you go down the list and see what you want to keep, ban or restrict. Some powers can be unbalancing unless you have some "comic book" physics around for it (force fields for Incorp, heat sensors for Invisible, etc.) Some restriction can be a mandatory purchase of Flaws like Uses and Hero Points.
Good Luck.