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Culture conversion is 25% cheaper when an adjacent province (by land or sea) has the relevant culture. So your best bet is probably to convert a low-development province in Iberia to a Latin culture (probably Sicilian or Neapolitan) then use that as a base to culture convert the more expensive and high development provinces (the 50% is development, not total provinces), It will be much, much easier if you start early in the game while you're still fairly small.
Be aware that this will be very expensive. All your provinces are now giving a quarter of what they used to, and you need to pay half the coring cost again to get the states back. Oh, and your neigbours will jump on you if they think you're weak...
In my campaign the two worst points were just after culture shifting (war with France's bloc and the Ottomans), and just after converting to Protestant (same two).
To be honest it's not worth it unless you're going for either Italian Ambition (as I was), World Conquest, or you're telling a story.
Thats exactly why I am doing this - to get Italian ambition and there ideas then I was going to go for Consulate of the Sea after that. I just wasnt sure if I should move my capital or not - I vasseled the pope as well. I just wasn't sure which italian culture to pick before I started the development process.
And you vassalised the Pope? Hopefully you switched religion as I did then. Actually I vassalised him as well, but by that point he only owned mantua and Modena. Just remember to integrate him if he's got any of the prerequisite provinces.