Could I easily convert it to the lower magic Conan setting?
But you can't easily divorce magic itself from the setting, as the BBEG is a spellcaster and magical items and effects abound. So on the whole, it could be considered reasonably to simulate some of Conan's magical foes with the exception of the fact that the PC's are likely to end up with the usual allotment of magical treasures (many of which are rather clever and interesting, but not 'low magic' except in comparison to what D&D is capable of).
I was worried about that. I usually strip out all but the most important magic items from a D&D adventure when I convert them to Conan. The Hyborian Age is not about finding magical boots or rings of invisibility. If there's a magic item, it's usually epic in nature and typically very evil.
I also usually strip out all the demi-humans and many of the monsters, replacing them with more Conan-friendly alternatives. Sure, the evil Conan Sorcerer may have some lizard-men like henchmen that the mage has brought from the Outer Dark to serve him, but most of Conan's foes are human. Orcs become Hillmen, and the Orgre becomes a big, bad Brythunian Pit Fighter.
If the adventure rests on its magic item drops, then it's not a good one for me to convert. But, I can use some of the monsters. I probably won't use a gelatinous cube, but I'd definitely allow a wyvern to be stalking the wooded hills. I'll change a lot of the more fantastic creature encounters to more normal creatures, too--like wolves and bears and such. I might take an Umber Hulk and make it an over-sized mountain boar with piercing tusks. A dragon can become a dinosaur.
Typically, I cut down on the number of encounters, too. D&D adventures, I find, are sometimes just listings of one incredible creature followed by the next, sometimes just in the next room. I try not to do that in my Conan games.
The whole module amounts to a large number of interlocking quests to obtain various arcane items. It's the fact that you are retrieving the golden dingus to open the iron doors again and again and again that I think is problematic and not the actual nature of the golden dingus.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.