When installing - 64bit kernel and jfs2 really means: "do you want to have rootvg filesystems as jfs2"
And 21sam is right, you cannot convert a jfs FS into a jfs2 FS without some sort of copy, backup/restore, ...
As to that AIX upgrade 433 to 5x: you want to make sure your customer app's are compatible with AIX5. If they are 64bit, I can tell you right now that they wont be compatible - they have to be recompiled if they are the customer's own-grown, or you need to install a newer version of 'em, compiled for AIX5 if they are third-party.
64bit AIX433 is not binary compatible with 64bit AIX5.
HTH,
p5wizard