@ozwishful If the conversion program will accept you despite having minimal experience go for it. its easier getting PR later. however take note your competition in work expecially for sponsorship 457 may have more extensive experience than you some of them came from UK, Dubai, saudi etc..they take precedence.
On more thing to consider as your experience is only short and has been for quite awhile now it would be harder for you to process your application for 190 state sponsorship visa and/or 189 Independent visa. As 190 will require you to have 2yrs paid exp and 189 visa will require to have 3yrs paid exp, it also must be recognized by ANMAC in their skills assessment.
So your only option after the conversion is get 457 visa employer nominated,work 1yr for them then and only then can you apply for 189 or 190 visa. OR if the employer is willing they can sponsor you for a PR visa via employer nominated stream. but if you have a choice dont go for it cause they will lock you in a contract for a minimum of 2yrs.
As to hospitality dont bother with that it requires 5yrs plus exp in the industry, even more competition, and slowly shrinking employer who offer work sponsorship and harder to get PR in the end.