Is there an established conversion process or would the converter need to create one? I can imagine at least two methods for NPCs and additional methods for other things (like monsters, etc):
1) A detailed process in which you create the equivalent detailed character in RMFRP, based on a set of guidelines:
- Use the same level and equivalent profession, or closest match, if not directly available
- Buy skills based on the number of dev points available (if dev point stats are provided) or else some fixed number
- Do not use any talents/talent points except racial talents
- Do not use training packages
- Develop up to target level, summarize total skill mods and other figured stats
- Modify equipment or special characteristics for RMFRP
2) One could also just have a set of formulae that translates all the figured stats (HP/stats/skills) from RM2 to RMFRP, but I assume that if that were the process, you could do it yourself fairly easily.
For monsters and the magic items, I would assume that you'd have to do some sort of formula process or look up the equivalent in the RMFRP C&T book (if it exists) and do some manual translation.
What timescale do you want this done in?