Convert IP into rp

Completely defeats the purpose of a freemium business model, so from a business standpoint that's definitely a no. It seems interesting though, so let's do the math.

Let's say 1350 RP is worth $10 USD. Now let's assume that minimum wage is $8. One hour of work at a minimum wage job would get you 1080 RP, then.

Let's say the average Summoner's Rift game lasts 35 minutes and nets you 75 IP per win (not counting wins of the day or other boosts). That means in an hour, you can get roughly 128 IP. It would take you roughly 8 straight hours of winning to get enough IP for a measly 120 RP, whereas you could earn roughly 10 times the RP by working a job in real life.

If we factor in the average 55% win rate and we assume that you take breaks... You get the idea. You'll spend a huge amount of hours for almost no RP gain, at least with your suggested conversion rate.

To be honest. I've yet to see a single game that allows you to buy the real money bought currency with the in-game one that you get from just playing the game. So, I doubt it'll ever happen... anywhere.

The closest I've seen is Warframe. Which works completely different than what you're suggesting. You'll need rare/hard to get prime parts or mods to sell in the games trade chat for people who are willing to buy them with platinum (the real money bought currency).

I honestly jut wish I could buy IP. Need so many god damn runes dude -_-