So to convert a specific backup and host, use both -h ClientName and -n BkupNum. If you don't specify -n, then all that host's V3 backups will be converted.
Warning: with no arguments, it will try to convert every v3 backup (maybe I should change that).
There are some related changes in several other places, including lib/BackupPC/View.pm, that make the V3 hybrid storage work correctly with the rest of BackupPC. So you'll need to pull all the new code from git to test.
If you want to test this, I'd recommend testing it on a single or series of V3 backups. You can safely copy the backup trees using cp -prl (which maintains the hardlinks), eg: