re: 401K Termination/Conversion

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Are there any income limits with a traditional IRA like with a Roth?

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Yes & no. Phaseouts start at $129,000 for singles and $204,000 for married filing jointly.

Anyone regardless of income can still currently do a backdoor ROTH, fund an IRA with after-tax contributions and covert. It's a lot less messy if you don't have other pre-tax money in other accounts.

If your 401k allows after tax contributions AND in-service withdrawals you can rollover massive amounts into a ROTH every year ($61,000 - employers contributions - $20,500 max employee contribution).