I know Steemit Inc. is pouring in some Steep Power to the SteemFest participants, but they do that directly Steem->Steem Power from what I understand. And the fest is 2 months away, there;s plenty of time to get that steem for them.

As to the overall conversions, I think SBD turned to Steem is actually good as it removes the pressure of backing it up?
When SBD is pulled out towards exchanges, that needs to raise some worries.

I am personally powering down and immediately turning it into SBD. Waiting for Steem to go down and then buy it back.