The conversion makes the revolver ALMOST work like a New Model. The gun remains a 4 click gun, with half cock hammer position required to load, where the NM loads from hammer down by just opening the gate, releasing the locking bolt so the cylinder will turn, On an OM, converted or not, opening the gate does no other function than expose the rear of the cylinder. The conversion would, as mentioned, need a trigger job etc if you want it tuned for smoothness. The springs are harder, and the new base pin has a spring and plunger in it like the NM guns to push the transfer bar back so it won't hit the firing pin as it raises (stopping the gun) As long as you have the original parts available for the gun, no value is lost, but a converted gun without the original parts (in a bag or otherwise) will not be worth as much, to a collector.