I have a database with a large number of fields that are currently NTEXT.
Having upgraded to SQL 2005 we have run some performance tests on converting these to NVARC
If you can get scheduled downtime:
Multiple times as required (within a loop with a delay).
Once complete, do another backup then change the recovery model back to what it was originally on and add old indexes.
Remember that every index or trigger on that table causes extra disk I/O and that the simple recovery mode minimises logfile I/O.