I'm aware that Backdrop CMS may very soon add Entity Reference to core. 

I am in the process of upgrading a Drupal site with lots of nodes that use the term reference field. I would much prefer to use the Entity Reference field on the new site in place of the old Term Reference field. 

How difficult or easy would it be to convert my term reference field to a taxonomy reference field on all the old content (1000's of nodes)?

How likely is it that there will be a module or tool to help me do this?

Comments

See if this module might do it:

At the moment this module is hard-coded specifically for user and node reference fields - as far as I can tell from looking at the code it will only give you the option of migrating those field types.

It looks like the patch you pointed out never made it into the module (the Drupal patch was merged in 2014, but was never added into the Backdrop version). It shouldn't be hard to patch it with that for a new release. Perhaps @stpaultim you can open an issue in its queue?