I had a similar dilemma to you, so I hope my experience may help. I bought a 1960's detached house that originally was heated by solid fuel (converted to gas later when the gas supply arrived) so I inherited the 15mm one pipe radiator system with 7 radiators. The first winter it was impossible to control the temperature. The upstairs rooms were too hot, the downstairs too cool, and the hot water scalding, so I set about improving it.
I intended to upgrade in stages, so I got rid of the old primatic hot water cylinder, converted it to fully pumped (S Plan) with a roomstat in the hallway and added TRV's. I fitted standard Pegler Terrier TRV's not realising that there are special one's for one pipe systems but they work fine. That took me to the second winter, so I was going to upgrade the "one pipe" to "two pipe" the following summer. That was 11 years ago, but it's still there.
It works perfectly, we never have to adjust the thermostat /TRV settings regardless of the outside temperature, and surprisingly our bills are less than our neighbours (I know that there are lots of factors to be taken into account here). However I have discovered other benefits to me.
1. No by-pass needed, the loop of the one pipe circuit offers a free flow of water at all time even if most rads are closed due to their TRV's.
2. The original downstairs oak floor remains in tact.
3. The system is silent, there is no pump noise or "hiss" associated with water under pressure passing through a partially open TRV. This is because most of the water flows around the one pipe loop and circulates gently through the radiators rather than under pressure.
4. Having less pipework, the system contains less water, so it soon heats up. (The corrosion inhibitor is less diluted too)
5. No balancing issues. All lockshield valves are fully open as the same water flow passes all radiators. It's true that to start with, the last radiators in the circuit are slightly cooler to the touch than the others, however they soon warm up as the TRV's on the other radiators shut down.
6. The one pipe system is aided by gravity, so the pump is only set to a low speed, nice and quiet and saving electricity. As the pump doesn't have to work so hard, maybe it will last longer.
Are there negatives, I'm sure there are. My boiler is not a condensing variety. I read somewhere that condensers are not as efficient with a one pipe system, something to do with the return water temperature being higher, I believe. The radiators at the end of the circuit are not quite as hot as the others, but this doesn't really cause a problem the rooms get warm and that's really what matters.
For me at the moment I've left it well alone, it works well, isn't expensive to run and has been trouble free for 11 years. I can't imagine a return on the investment to change it to 2 pipe in terms of financial savings or comfort.