On Windows, and using the front-end, the mod will be copied to Vic2 installation mod/ directory.Converter will produce a Victoria 2 mod.Random New World saves are not supported.Converter supports compressed save games.EU4, with or without any expansions or DLCs, versions 1.0-1.31 are supported.Victoria 2 with both expansions is required.Do not be shy to hack away and change them so the conversion fits expected goals. These files are there for a reason - so the user can view them and modify them according to specific needs.
Note: The converter includes a configurables/ folder that contains all data files with rules it uses during conversion.
For more information feel free to ask for clarifications on forums or take a peek at the code.
Here is a general list of Converter capabilities and conversion mechanic explanations.