[quote=dov]Exactly. You only need to gather 50 of any tier 3 item, once.
After a few rounds, your pile of these items will grow and grow (50:51 conversion), and you’ll be able to use "Try Again" to really speed things up. Once you have a lot, you can stack them to those items which give MW in the side-conversion so that the next conversion run starts with a boost of MW (5.5 CP per action).[/quote]
I assume you mean 5.5 CP per profitable conversion, which (since they generally grant 1-10 CP) is a reasonable estimate. However, only every third conversion, give or take, is profitable. You have 13 actions in the loop, four of which are profitable (at, if we use 5.5, 22 total CP). That means that taking the entire loop grants something more like 1.69 CP/action. It works, if you’ve got limited resources and unlimited actions, but the full loop is not shockingly profitable.
If you have stock, however, you can improve the rate considerably. It only takes 9 actions to get that 22 CP if you start at Visions; the remaining four actions just get your items back to start across a conversion desert. If you’ve got enough items stockpiled that you can simply let your Absinthe stocks built up, you’ll get your Waves at 2.44 CP/action. You can then push the stockpile across the desert to Visions after you’ve achieved your Notability goal.
Visions are especially useful because creating them from Romantic Notions gives you 3 CP for that conversion, and converting 500 Notions at once gives you enough Visions for two cycles. (500 Notions to 100 Absinthe is 47 CP in 19 actions, or 2.47 CP/action.) Thus, even if you run out of fuel, up-converting still gets you some profit.
Finally, if you’re willing to shunt items off the cycle, upconverting Tales of Terror to Extraordinary Implications is even more profitable. It has a success/failure of 10/5 CP, so your average is 7.5 CP. Moreover, a rare success gains you not only a whopping 30 CP, but also two Favours in High Places. Even leaving out the rare success, that’s still 18.5 CP in 6 actions, or 3.08 CP/action.