From what I can see, the conversion kit is like an adapter that will let you plug your first edition set into the second edition set, but you would still need to buy the second edition set to get the new adventures and characters. I may be wrong, but from the description I've seen, that's what it sounds like.
And no, I haven't checked yet with the library. The new location I'm working at has been keeping me pretty busy. There are alot of other new people there, and until things settle down my schedule is pretty eratic. Although, when I do, I may have a new gamer. A co-worker named David introduced himself by giving me a riddle to solve. He seems like he could be one of us.