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I went through the nightmare myself, and unless you know for sure that you can remain the Curia Controller and the Reformation doesn't hit you like a ton of bricks, you may as well convert. It's tough, but conversion is managable if you just stay Catholic and wait to see if Protestant rebels revolt and just let them conquer your provinces and force convert them. Then, you liberate the provinces that have been force converted and let the rebels do their thing, and wait for the event in the 1530s to kick in.
Anyway, check your Ledger and look at the Charts topic of the Economy section to see how many provinces are converted. If less than half are Catholic, then stick with Protestantism. Of course, you might want to wait until your colonies are colonial nations first before you make the decision.
I found the key was start with +3 stability and have some adm point to raise it again after conversion. Have a big wad of cash to pay all the army bills while putting the navy on meagre rations. Also have a full stock of manpower available to replace the dead. I also had a theologian advisor with -3 revolt risk and sent my troops to the regions i was converting to lower their revolt risk. This all made the revolts a lot rarer but this cost me around 60,000 dead over the course of conversion (took a long time as I didn't have relgious ideas)
Wotever u do, don't create Britain at the same time as that adds revolt risk and I would advise against becoming the protector of the faith even though it seems to hav good bonus' as u'll get dragged into a euro war by austria cracking down on north german states.
You don't need to compete for Papacy if you want religious bonuses
You don't get all the very annoying events associated with christianity that get you -1 Stab or stuff
And as England,a lot of events won't fire unless you are protestant.
About conversion itself,you must want to do it as fast as possible,as soon as the protestantism starts.Firstly because you'll have less colonial provinces to convert,but then because the chance of your provinces turning protestant by themselves is greatly increased if you have it as your state religion.
Try to hire a theologian,never waste your money and get your amies ready because you're gonna get a religious turmoil real fast.