Obviously this is a big change from the exerience points of the original FengShui, and even previous versions of T3.
In general, the difference between T3 and FengShui are minorenough that no conversion is nescesary. Notice, however, that the power level in T3 is higher, so a competant character from FengShui will feel like a newbee in T3.
Characters
Characters should be converted in more detail than most creatures. Old T3 experience points are converted by dividing the old points by eight and adding forty.
100 points gives characters similiar to starting FengShui characters. Those would have a skill maximum of 13 - we generally do not like to play one-schtick-ponies like the regular Feng Shui characters. If you like to do that, you'll have to increase the maximum skill limitation.
FengShui points are converted by divinding FengShui points by eight and adding the T3 cost of your starting character - which is usually 100 - 125 points. My recomendation is to rebuild them from scratch using 150 points, then add any experience divided by eight. This will give a more versatile and well-rounded character than the usual FengShui hero.