There is… lots to say about that.
At a basic level you shouldn’t need to upgrade 5 factions. If the only scum ship you have is the Slave 1, well, just don’t upgrade it. I know it may not be ideal for you, but it does make sense for that not to be in the Empire. Given it only was Empire since it released prior to the launch of Scum, well, it is a thing.
Yes it does require a core set. Though that is admittedly soon to not be true. They are releasing faction specific damage decks, so those will be a few dollars. There are also acrylic third party templates, and I am certain that there are alternate options for all components that are lower cost than buying a conversion kit.
The main reason to get a conversion kit would be if you fly Empire or Rebels and want those pilots.
I had a handful of First Order and Resistance ships. But not enough to justify getting full conversions. I only converted Empire and Rebels, and got a core set. The rest? I traded some items for the scum ships I have.
With 7 factions it really should not be a case of ‘I want them all’. Pick 2-3 factions you want to play and go from there. Hell, skip conversion and pick up a core set and Republic or CIS from their faction packs. For ~$100 I could get you a decent variety for either, but especially Republic. I mean if you are a casual player who wants to play all 7 factions? Yeah it is a bad deal. But if you move past that, it actually is a pretty good value for what you get.
I mean think of it like this, if you are in 1.0 how many ships do you have that are barely playable, or never hit the table? Probably a good % of your collection, right? If in the process of conversion you have a handful of ships for factions you don’t convert, are you really worse off? Unless your collection is very specifically built so you only have a few ships in each revised faction, yeah. And if you really only have a handful of ships then go on E-bay. Most ships can be acquired conversion parts for a few dollars. You can get the conversion dials, pilots, and bases for a dollar in many cases.
Honestly I think that the conversion was about as well executed and non exploitative as could be. Sure some quibbles with specific decisions, such as only two Alpha class Interceptor pilot cards or the lack of Barrage Rockets in the Rebel kit, but it did a good job of covering most cases.
If you have a local group to split things, share extras or cover shortages, so much the better. I know at my local game stores we were very much active in trading components for odd cases and such. And a lot of people did chose to sell off First Order/ Empire and Rebels/ Resistance ships to focus on one half of the split faction depending on interest and collection.
I can think of a million worse ways to handle the conversion. Individual ship conversions at $5 a pop? Not great, especially for small game stores, as the massive number of sku’s, dividing common upgrades across a huge pool of ships, etc. Requiring purchase of 2.0 ships to use 1.0 models? Yuck! That would be quite greedy. Ignore the 1.0 problems and render many ships unplayable due to various creeps? Mega combowing meaning you could lose in list building? Nope.
The game is far better than ever, and for the ~$130 I spent to convert, setting aside new ship purchases, it was well worth it for me as I can field a competitive list with almost every ship I own. And have. I’ve won tournaments with some super janky off meta lists using ships people dismissed. And when it isn’t max initiative or go home? So much more enjoyable!
I mean I can understand your hesitation, it is a real up front cost, but it doesn’t have to be this huge outlay. If you shared your collection I could probably recommend some options to maximize options and minimize cost. Hell I may even have some ship components I don’t need I could send your way. Want Auzituck or Decimator pieces?