A hybrid conversion sounds great as long as you can get the tire clearance you want. Plus 5mm... 'cause you never know....
Orrrr
Couple of weeks ago I did an event and there was a guy in our group smashing it on a mountain bike from well over 10 years ago. It had disc brakes of course, but it was old enough to have a QR rear hub, the fork was what was normal at the time, 80mm travel 32mm with lockout. He had put a drop bar which allows multiple hand positions and most importantly, a way to get low for going into the wind. He had mounted 29x2" Continental Race Kings, perfection for the stupid rough sections we had to ride though. This was a western states kinda gravel event, so the road surfaces vary widely. The Race Kings were absolutely perfect. Being a Continental they were as fast or faster than most of the "famous gravel tires". It was a great build.
Older XC hardtails are perfect for gravel, their 'outdated' HTA is just about perfect for rough gravel, their 80mm forks superior to these micro 40mm gravel forks on the market today, just make sure the lock out works for road sections. The old school shorter ETT works very well with a drop bar. And you can put any tire you would ever consider riding miles of pavement on all the way up to full knob 2.3+ mountain bike tires for events you know are going to be crazy rough. And they are CHEAP. Oh, just make sure the road brake levers you get are compatible with the POST Mount calipers required by the mountain bike frame/fork.
DT