There were probably several reasons for dropping the tradition serial functions. Since VISA supports serial, gpib, pxi, usb, tcp/ip, etc., why spend time supporting a driver that's less flexible and does only one thing? I always thought that the old ones were confusing with Com1 being port 0, Com2 is port 1, etc. Maybe someone from NI will post with the "offical reasons". I do recall several threads on info-labview about this subject so you might want to do a search of their archives.
As far as conversion, in the majority of cases I've seen, the conversion was transparent. Loading an old program with the traditional functions will have VIs with the old names but with VISA calls internally. The old port numbers get converted to VISA Resource Names, etc. What is the error message that you're getting?