The more i study this tool , the more i see that there was not actual much planning put on this tool.
The perfect senario that this should be designed and function should be as following :
CREATE DATABASE dbname CHARACTER SET utf8 COLLATE utf8_general_ci;
Second step is running the conversion.
When conversion starts CLI script should ask us which DB to read from and then again ask us which DB to write to. Lets assume DB1 and DB2 as those defined tables.
Script should read table from DB 1 -> Converts to UTF8 -> Inserts into DB2 with utf8_general_ci
This way when the conversion is done , boards will not have to wait for the second step current Convertor is running ( Altering collations on tables )
This would be way safer method to follow and things would run twice faster then current method.
It is still not to late to correct this minor planning mistake.
I strongly suggest IPB team to make changes so even the convertor will be perfect and can be completed twice faster then it currently is.