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I think you got most of the items. Just the wording of your first statement, The IRA will be treated more like straight income so the Capital gains are not the major factor. If you have other after tax investments then the capital gains are more relevant.
The question is what will RMD’s due to you in future years? Is it worth paying taxes on conversions now? The dollar amount and where the tax rates will be in future years is the real concern.
If you look at you totals and figure the RMD’s at 72 and beyond, Will those push you into a higher bracket every year.

The time horizon on when you will start using Roth money also plays a factor. Paying conversion taxes now, for a 5 or 10 year gain may not be worth it if the market is bearish for next 4-5 years. If market is bullish then it makes sense. If you plan on holding most of the Roth for 10 - 25 years then conversion makes sense.

I am in the same boat. Doing yearly conversions up to tax bracket. I think taxes will be higher in the future. Someone has to pay for all the stimulus being distributed in 2020.

Best of luck.

Mike
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