Yeah, I bought several step 1 tickets using FTP Academy points and laddered my way through the super turbo step SNGs into two step 3 tickets.
I think with some practice, buying several step 1 tix and converting to step 3 at about a 25% or better success rate is certainly possible if one has the time and patience to do so. If one can achieve a 25% step 1 -> step 3 success rate, then it saves about $13 per step 3 ticket.
The super turbos do go pretty quick which is nice, and I started to get the hang of them through laddering through -- so I decided to try my luck with the $25+1 superturbos as well and cashed in both for a total of about $50. Not a bad little bonus for what amounts to maybe 2 weeks worth of FTPA point accumulation... and the academy store does NOT affect rakeback. Oh, and I also got FPPs for entering in the SNGs as well, so it's like double bonus.