Yes, there is a difference:
IMAQ Convert: recopies the bit value of 16-bit image to 8-bit images. If the value is less than 0, it is coerced to 0, if the value is more than 255, it is coerced to 255. I think there will be a lot of white area in your image after this conversion.
IMAQ Shift16to8: It divides by 256, it is probably better. If the result is not the same, it is probably because the pixel value in 16-bit image is signed (I16), while the pixel value of 8bit image is unsigned (U8). So white in 16bit image will become half gray in 8bit image, I think. You should multiply the resulting image by 2, if you want that it is the same as 16 bit original.