Okay, I can answer a bunch of my own questions!
A: I originally tried converting FH5 files from an old Freehand 5 disk. Photoshop CS5 can work with version 6 and above.
B: I had to burn a Freehand 7 disk from my Mac to work on the PC. That worked okay.
C: I ran the script inside Illustrator mentioned earlier.
D: It worked, but there are a bunch of BIG caveats. See list below.
A: Norton Immediately reported a High Memory Useage for Illustrator
B: After the first file opened in Illustrator, the message bar at the top of the screen said Illustrator was not responding. After using the "Close Window" command in the toolbar, I noticed it actually created 44 files.
C: I emptied the folder and started everything up again. I got the same messages, but I could see the program was converting the files one at a time...and very slowly.
D: After about 15 minutes, it had converted 380 files out of 800 in the folder. These were very small files, too.
E: The worst part of all of this is Illustrator was taking control of all resources. I could not use any other program. There is no "abort" or "cancel" command visible. I ended up using the Close Window command to stop the process midstream.
All things considered, it appears it would be faster to open a bunch of files in Freehand MX and saving them as Illustrator using quick keys.
Good luck you try it!