Since I edit each and every image, batch conversion of either RAW or JPEG isn't feasible.
Have you used Lightroom or similar software? The idea behind that software is that it doesn't save the edits you do, into the actual RAW image, until you output. It does save the edits/changes you do and only applies them when you are finished and wish to save copies etc. This way, you can edit them one by one while at the same time applying things to multiple images.
(To be fair, I haven't used Lightroom but I do use R.S.E., which was bought by Adobe before lightroom was released.)
For example, I will adjust the RAW settings for an image (WB, Exposure, Highlight Contrast, Shadow Contrast, Noise Suppression etc.) and then copy those settings to all the similar images, which only takes a few seconds.
I'm been hearing from a few wedding photographers who have cut out Photoshop from the bulk of their editing...preferring to do it all in Lightroom.
As a last note, I was at Costco the other day and Sandisk Ultra II
4GB CF cards were $80 CDN. Memory card space shouldn't be an issue.