Right. Think of the order of conversions as kids, and marbles the object they want.
The biggest kid gets to have first pick of the prettiest marble because he can muscle his way to the front of the line.
Kids of equal size pick at the same time, and will share things equally.
So…Transmutor-level conversions are basically the biggest kids who get to have first pick.
And having 2 transmutor-level conversions will result in them sharing said marbles.
An example…if I use voidrend talon + take righteou’s fervor’s transmutor, I will end up with 50% phys/chaos conversion, and 50% phys/acid conversion.
This allows for some very interesting things which I’ll discuss more after if you want, so that we don’t get sidetracked.
Moving onwards, assuming that you have your transmutor level conversions is less than 100%, all remaining damage will then get converted by equipment/buffs.
Basically, the small kids now get to fight over the scraps.
An example:
i. We have m. herald of the apocalypse which has 50% aether to fire conversion to devastation (this is a transmutor level conversion)
ii. I have 50% aether to lightning conversion from strom shepherd’s belt.
What ends up happening is that step A, step B scenario. 50% of my aether damage on devastation is converted to fire.
50% of the remaining 50% gets converted to lightning.
So you’ll end up with 50% fire, 25% lightning, 25% aether.
Of all the small kids (i.e. NON-transmutor level operators), individual elemental damage types are the smallest.
What this means is that elemental damage conversion WILL occur before, say, fire damage conversion.
Here’s a GT showing an example of what I mean - https://www.grimtools.com/calc/4ZD4LbYZ
Remove the belt, and watch the lightning damage value double.
Not if you give up the chest piece for darkflame.
EDIT: Forgot to mention that item granted buffs like from beronath reforged, and blood orb occur last.