Apologies to TomS. We are kind of hijacking this thread, but I think this a very pertinent question.
The most common and least cost conversion uses stepper motors that are either direct or timing belt coupled to the lead screws. With the stepper motor powered down, it is possible to overpower the inherent mechanical (magnetic) resistance of the stepper motor manually. It takes a fair amount of force to do so and the stepper motors cog due to their design. Assuming that you are using a standard 200 step/rev motor and have a 5 pitch lead screw that is direct coupled, then the motor will cog at 0.001 inch increments. Irritating at best on the X and Y axis. On the Z axis, without decoupling the quill from the lead screw, it is impossible to use the quill manually. Without providing a very convenient way of decoupling the stepper motors from the lead screws, manual operation is not very practical. If I couldn't switch over in under a minute, I would find it very irritating.
Another and more costly option is to use DC servo motors. These have almost no mechanical resistance when powered down. The Z axis lead screw still must be decoupled from the quill to manually operate the quill. The down side of this is the cost and the more complex control system.