I converted a web directory once, and I did not really have any success, mainly because the traffic was from a whole bunch of submitters and from free web directory lists and so on, so I did not see any difference.
Although, I did not have a strong PR on that web directory, can't remember if I even had one back then, but well worth a try, I believe your directory should do well as many look at the PR, something I don't look into
Meti



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