It's a very good idea. I've now done it on eight machines. The only problems I've had afterwards were with Outlook 2000. Running the repair tool fixed those. Nothing was lost.
Go to Start\Run and type cmd.
At the promt type convert C: /fs:ntfs
If you are converting a different drive letter substitute it.
You will receive a couple of messages, for one you will need to know the name of your hard drive eg local disk or main disk etc. type this when asked. Say yes (y) to any other questions.
You will then get a message stating that the drive cannot be converted because it is in use (if you are converting your C drive) and do you want to schedule it for the next restart. Again say yes (y) (rtrn).
Restart the computer and the drive will convert. How long it gtakes will depend on disc size and data on it. The biggest I've done is 120Gb, took about 10 minutes, but it only had XP on it.
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