"say 7200rpm scsi drive vs 7200rpm ide hd"
SCSI will have a pretty decent advantage in access time, so under certain circumstances it will be quicker.  However, 7200RPM SCSI drives are a rapidly dying breed, so most of them are quite old leveling the playing field vs current gen IDE drives, and allowing IDE to take the lead in various benchmarks.
"Without bursting, ATA is up to, what, ATA100? SCSI can do 160 meg per sec, so that is over 50% right there."
Completely meaningless stat for a single drive setup.  There will be zero performance difference between a SCSI 160 drive running on Ultra2 SCSI and SCSI 160.
"is there any huge performance hit from using an 80pin SCA LVD drive + convertor to a scsi card that isn't LVD?"
Not really.  Remember, the main advantage of SCSI is the much lower access time, which is not affected by dropping the drive to non-LVD speeds.  The only thing affected by the drop to non-LVD speeds is the STR which is far less important as far as performance goes for standard tasks.  Not very many drives can sustain above 40MB/s (including nothing SCSI from IBM except the new 15k drive), and none can do it over the whole drive.  A drop from 40MB/s on the outside of the drive to realworld SCSI UW limit of around 34-35MB/s will give you a negligible performance hit not worth mentioning.