I keep a close eye on the SBD supply even though, like you, I'm more interested in holding vested STEEM. The SBD peg is a valuable gauge of market health. It should come back well before STEEM returns to its previous highs. In fact, the peg was broken when the market was hitting its high mark, too. That was actually more distressing because it didn't make any sense. When people were buying $8 SBD they clearly had no expectation of getting $8 worth of returns.
The current prices seem rational given the risk and the haircut on conversion. I would like to support the SBD market by buying and holding, but I am afraid when the peg starts working again the STEEM price will be well over 2X what it is now. I can almost guarantee it.
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I have similar thoughts here. I remember jokingly thinking to myself that the value of SBD is a sanity check on the market. If it's well over 1$, it's just crazy. Now it's well below 1$ and is a troubling signal. Let's recover to a more normal state soon!