Your choice of conversion kit depends in part on what diameter of legs your floor tom uses. The Gibraltar video Olimpass posted comes in 10.5 mm and 12.7 mm. These are both too big for some older American drums like Ludwig. They need 9.5 mm. If you go with a conversion kit which needs larger lugs then you are up for lug changes. If you find a method which fits your existing lug sizes then you don't have to change as many components.
I do like the Dunnett idea for using the 3rd floor tom mount as the tom mount for your top tom. My kit had an extra stand (12" snare stand) for a 10" tom. But the Dunnett/Gibraltar system came out after I got my kit.
Mine had a Trick mounting system on this kit made with Ludwig 80s shells
[img]http://black.net.nz/drums/littleLud1.JPG[/img]
I just used Ambassador Coated heads front and back. No change to hoops, and all you need to do to go back to it being a floor tom is swap the legs back. I don't think Trick make that kit anymore. It was Tama sized (10.5) so the Ludwig tom mounts were replaced with Tama ones. Those used the same hole pattern so no drilling. The part you can't see is the pedal attachment which Trick made from an LP percussion claw bolted to a piece of angle iron. Very simple but stable and effective. Since replaced by a different Trick riser which looks to be less flexible in handling different diameter toms (eg two different models for 16" vs 18" toms, but what if you have a 15"?)
For bass drums 16" and smaller I don't really like the sound when they are placed directly on the floor, so I would always have some sort of riser on the back and attach the pedal to that. This means there isn't any functional advantage to going for wooden hoops. There are risers which clip on the rims, but you don't want one of the risers which needs wooden hoops for attachment. If you are using a 16x16 tom the other thing worth mentioning is that by the time you add wooden hoops to a 16" deep tom you are creating quite a long drum. You don't actually save anything on stage footprint compared to say an 14x18 bass.
If I were going to do a conversion on another Floor Tom I'd go for the Pearl JG-16, although you do need to be careful because there are two options. One uses an Optimount (clips to the hoop) and the other uses an existing BT3 bracket. If you don't have a tom with a BT3 on it, then the Optimount adds to the cost but does mean no drilling. The only reason I say I'd go Pearl is I do happen to have a tom with the BT3 on it already.
I've also used a DW9909 cradle as a riser (because I've got various African drums which I need the flexibility for) but it is heavy and complex and overkill for most applications.
I've also used a Danmar riser which is pretty good. Much lighter than the DW9909.
Here is a nice comparison link:
http://compactdrums.com/bass-drum-riser-comparison/
Disclaimer: I'm not keeping up to date with all the product changes these days.