I'm not sure how much REH Conan you've read - but based on my experience and my (direct and indirect) observation, GP=XP, and classic D&D more generally, does not produce Conan-esque play:
*Conan frequently abandons possible loot/treasure so as to do the "right" or honourable or non-selfish thing;
*Conan frequently makes intuitive or even reckless decisions, without much planning and without much heed for the consequences.
GP=XP expressly pushes against the first of these; the general approach to dungeon design and consequences of action resolution in classic D&D strongly pushes against the second.