I'll check out converters (never seen them).
No one has an opinion on the original question about the panelboards?
I appologize for not addressing that issue.
This is what I would consider:
I may be assuming that you have an existing 120/240v 1ph3w service and you are considering replacing it with a 208y/120 3ph4w service which of course would require a 208Y120 service entrance panel.
As such the existing 120/240 1ph3w panel would be rated for it because it could be feed with 2p breaker from the MDP for 120/208 1ph3w which would be OK should you only have 120v loads. If there were existing 240v L-L loads then there may definitely be an issue if the ended up being fed with 208v.
If you need 240v then a 208-120/240v 1ph3w transformer would have to be considered or a buck/boost transformer which would bump the 208v to 240v.
I may also suggest 240/120v 3ph/4w which would include a 240v delta with a 120/240v 1ph3w lighting tap but the lighting tap load would be limited if this were to be a single 3ph transformer. As such you have to use caution when using this configuration. But, if you had the POCO provide a 3 transformer bank service configured in a delta where one of the transformers is sized larger than the other two that had a 120v center tap to provide for the 120/240v 1ph3w loads. That yyou have the benefit of 240 3ph3w and 120/240v 1ph3w. Even though there will be 208v from the "wild leg" (the orange conductor) and the grounded center tap of the 120/240v it is not usable.
I don't believe that I overlooked anything but would welcome any ideas/comments from others.