To my knowledge:
- Cheap/easy: usually front hub kit
- Best: depends on frame, mid if possible (gears, p/w ratio)
I’m a hobbyist though, and it sounds like you’re aiming for economy. My impression is that the economy of conversion has become increasingly debatable; i.e., it may be less expensive in the long run to sell old bikes and buy prebuilt as opposed to modifying what you have.