I have two 16-4's with 6" barrels, I did the same conversion by sending one to Clements Custom, and I'm keeping the other one (which I bought new) in it's original condition.
The way I see it... since I'm unlikely to sell the one that was converted, whether or not 16-4's are commanding a premium doesn't matter to me, should the conversion effect it.
But having said that, I also strongly believe the vast majority of people seeking a 16-4 want to shoot, not collect them.
To me, if you're already a fan of either the .32 cal genre, or just .32 H&R Magnum... it seems to me that someone getting a 16-4 with the .327 Federal conversion would be icing on the cake.
Now you have something that can fire the diminutive .32 acp, .32 S&W, .32 S&W Long, .32 H&R and .327 Federal.
But I sure can understand being reticent... it wasn't until I obtained the second 16-4 that enabled me to get off the fence about doing the conversion.
This is the extent of my .32 collection: