GPW,
Hey, any CT conversion is better than none, right?

And really cheap? Go for it! Looking forward to your photos.
Practice for a bigger one? No problem. (I've been going the other way though...downsizing. I'm thinkin' 5x10 is as small as I care to go. My teardrop was 6x12.)
In T&TTT terminology, you'll have a "Simple" (The teardrop in the shape of a simple, rectangular box.) You could go to T (teardrop) gatherings with that trailer without being asked to move it out of sight! ....well.....*maybe*.

Not all teardrop gatherings are TinyTravelTrailer (TTT) friendly.
Prem
P.S. Wrinkly sides? Generally caused by rivets/screws into the skin. I couldn't even get away from small, wavy indentations by sheathing the sides with 3/8th plywood before I put the aluminum sides on my ROUNDTAIL trailer. The fasteners warp the metal. MEGA-wrinkly sides? People lean up against them between the ribs. People bang into them with wheelbarrows, ATVs, handles of shovels and rakes. People back in to driveways crooked and the shrubbery presses the sides in between the ribs. (Cover it with the really thin alumium diamond plate riveted on...with ALUMINUM rivets.)

My goal...
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...is to live in a trailer.