This question came up during a support call. Thinking this had to be a common request I immediately started looking for a LISP of some type. The caller mentioned the Autodesk site said something about DWG True View doing this. I would have never thought of turning to a viewer for a mass converter.
Drawings can be added from several folders at once and then saved in place or to a predefined folder.
Select the version to save back to and press Convert
There are several predefined conversions setup but you can create your own as well. Here are the options for setting up a custom conversion style.