Batch Edit Album Art from Progressive to Baseline Support?

See the FAQs/Howtos on how to create an action:

and

Use an action of the type "Export cover to file" to export.
Enter a useful format string like
Format String: %album%_%title%_%cover_type%
Execute the action.

Do the conversion.
See the help on the next action type:

Create an action of the type "Import cover from file"
Format string: %album%_%title%_%cover_type%.jpg
Tick "Remove existing covers"
Execute the action.
This should be it.