I would do exactly the same thing. A dwarf with a bow, lightly armored is a pretty good match.
On the conversions, don't stress about it.
There are some simple things to keep in mind that might help.
1. Start simple and work into areas you like.
2. Use the right tools.
A drill press and small drill bits.
A good set of need files.
Good CA glue (like Zap a Gap)
Sharp knife blades for your favorite x-acto handle.
Either a jewellers saw or a x-acto saw blade.
There are a lot more, but these can handle the basics.
3. Save any extra bits from minis and models.
4. Learn to use some kind of epoxy putty (green stuff, magic sculp, milliput,etc.)
5. Convert plastics first. GW plastics are easy to convert and make creative mini's with. They're darn good sculpts too. (Some people have issues with the price, but I hope we can leave that for a separate discussion)
6. Practice patience.
If you can paint quality mini's, then you can do quality conversions. Trust me!
Game ON!
Nyrf