Thanks for taking time to answer with such an attention to detail, I really appreciate it!
Do your ‘ported’ 2020 products work as intended if you test them? Then probably no real need. You could simply mark them as compatible in your 2020 content portal if you haven’t already.
They do - mostly! I noticed a few glitches, and that’s why I am asking whether there are changes to formats that require re-compile with MSFS2024 editors.
When you open this project in the project editor, it will generate all of the new XMLs needed for your textures (you get a pop-up).
There are changes to texture formats in MSFS2024?
2020 gltfs (at least coming from Blender) work fine in 2024. I still use a lot of 2020 models except where I have needed to update them, for lights and emissives mostly.
Ok, so I need to re-compile any object that has MSFS2020 lights (most of my assets are buildings with lighting) and emissive properties?
As far as your excludes go, it would help to know what isn’t working. I think all of my excludes have been fine so far… it might be possible that they need to be moved slightly depending on what type they are.
I have a simple default generic building exclude poly that clears all the default residential houses in the Kennedy Space Center. It works in MSFS2020 but in MSFS2024, I see a few residential houses right smack in the middle of it - quite annoying 
You may need to add an exclude for secondary elevations. It’s the ‘noise’ layer that adds some dips and variation to the terrain. It can also shift around and cause some models to float.
This is exactly what I am seeing - the flattened areas in 2020 are for some reason bumpy in 2024, and the vehicles look like they are crossing a tough off road trail.
Models with Lights/Emissives will need to be converted and exported with the 2024 exporter.
You mean, 3D assets inside Max/Blender, right?
Check your VFX are displaying correctly, if you use any.
I do, extensively. They display ok, but with some bugs that are a result MSFS2024 optimization. I raised that with Asobo and the fix will be included in SU5 (hopefully)
Model LODs will need to be created if not already done, or possibly adjusted depending. Though, the new LOD system does now seem to be a bit more lenient than Xbox optimization recommendations were in 2020. Usually I only need to make some tweaks or rework a model LOD here and there.
Yes, indeed, I encountered that as well. 
It pretty much just comes down to how much time you want to spend making the project native. You can easily burn a lot of time. I spent a whole year making my projects 24 native. Of course, a good chunk of that time was spent fighting early sim bugs and the old LOD curve, so things have vastly improved since I struggled through that last. 
That’s exactly what I’m trying to avoid! What about MSFS2020 vs MSFS2024 materials in MAX/Blender? Do I need to convert all my asset’s materials to MSFS2024 materials? Is there a converter option in the MSFS toolkit? (haven’t seen one)
Thanks again for taking time to answer my questions!
Mitch
TerraBuilder Team