I am currently building an Italian CV crew (BO, 7 FPs, 4 TBs, 2 Gunners).
As an example:
For the FPs, L25 converts to Rookie and negates a bunch of armament and adds to the aircraft (+4) and takes away support and guns. You also cannot use torps or guns any longer. At L40 when you select fighter pilot it adds +4 but it takes even more away from support and also bomber -7 too.
For the Bombers, the same as fighters, except at L44 where Bomber gets +4 and Fighters -7.
If you delay even longer, you simply delay the extra (per level) ability, but continue to add support and other abilities you probably don't use.
I've converted all my FPs at L25 and L40 on time. My Bombers I converted at L44 from Supports.
My UK PCV w' L110 Elite FPs that are classed on-time are better than my "little delayed" by a about 100 ability. The delayed have a little more rep/rest.
Seems pretty trivial at the end anyway, since one shell from a Lion II will obliterate any rep/rest you could possibly muster up anyway.