Does that 40k+ conquest points take into account the upgrade path they've announced for 5.1? I.e. add a few conquest points to a piece, upgrade it a few ilvls, kinda deal.

Unless you wanna single or dual box 3v3 I don't see anyone really capping out conquest gear + upgrades this season. You need 5v5 arena being viable to 1800 to do it on multiple teams without quitting your job. And by viable I don't mean 500 games and toughing it out