I bought a WASR 2 that took standard capacity double stack mags back in 2001. I put a lot of rounds through that rifle and it always worked flawlessly. It has near zero recoil. I sold it to some guy with a Russian accent outside of a gun show for $300 a few years later, but I kind of wish I had kept it.
Functionally I doubt you'll notice a difference between a WASR and a higher end rifle. Though at that price, I would be tempted to just buy a Saiga instead, seeing how they are under $400. You could do the conversion, or not.
I think the conversion would be a fun project that isn't too hard but would make you very familiar with your rifle... and when you're done, you would have a product equal to the top-notch Arsenals. Of course the Saiga is perfectly useable the way it comes out of the box, so you could accumulate the parts for the conversion piecemeal, as your budget allows.