Prior to release they will still require some outside assistance with art, assets, and testing, however all of this will only become relevant in the future. So far there is no release date set for the launch of the conversion tool, however the team is working on it diligently. The team is dedicated and experienced, making it pretty much guaranteed that this project will impress when released.
The team behind this converter tool happens to be the same guys who came up with OpenIV several years ago, a modding tool used initially for GTA IV, and later for Max Payne 3 and GTA V.
Using the power of OpenIV and openFormats, we were able to bring Liberty City right into GTA V's map. Liberty City will not replace Los Santos or Blaine County, but appears across the sea. The entire map of GTA IV will inhabit the same physical space as V's island, dropped into the sea next to it.