I finally got around to trying this just now. It actually works pretty well. I have converted three songs and the results are o.k. The drum set defaulted to GM/XG, but I quickly changed the kit. I'm sure the other sounds can be changed just as easily.
All I did was press the Record button, select Convert Midi Song to Style, then select a midi song, and press o.k. It did it in a couple of seconds, then asked where I wanted to save it and suggested Favorites 1 bank.
The fills and breaks are nothing special, but they all work smoothly and fit. Intros are good on the ones I did. It even created STS settings, and the sounds chosen were appropriate to the songs.
I'll do some more for sure. This could turn out to be a great tool!