PulsingFlower – you seem to have an emphasis on the Parsim but just to clarify from your original post Rav Ovadia was Iraqi, not Parsi. Don’t mix up the two when you are talking to one or you might not get a happy response :p
Aside from halachic issues of whether you can change or not, take into account whether you live in Israel or Chu’l. In many places in America, and probably any Anglo country or even Anglo communities in Israel it’s easier to fit in if your Ashkenazi. In general it’s more easy to follow the sephardi derech in Israel, especially Pesach time. Also their shuls tend to be much more mosaic from what I’ve seen (guy in black hat next to guy in jeans and tiny kippah he just put on before he walked in as compared to everyone the exact same). Sephardim tend to be more informal and passionate, but can also be more hot tempered. My family is mainly a European background (with some Indian thrown in) and we’re not converts but long story short my father didn’t have a set mesorah and when I did teshuva I went sefardi. I’ve got blue eyes so people make fun of me sometimes but I’ve never looked back.