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I was looking around on the internet when I came across some of these figs, and thought that they would make some pretty badass grey knights. Especially as the new codex is around the corner (according to rumors) if I started grey knights now I could avoid the inevitable FotM flaming that would come from starting them as the new codex comes out

The prices arent even too bad:

http://privateerpress.com/warmachine/gallery/the-protectorate-of-menoth/units

Hmm... You know, I got the nearly same idea, just that I wanted to use the Bastions as Word Bearers instead of Grey Knights.
I even bought them and converted them, but it didn't end up good; the problem is that their heads are frikkin' small. It looks pretty awkward compared to usual termies, or even guys in power armour.

I did the same with other of thier models

just convert some plasticheads into grey knight looking ones

I'm converting the Daughters of the Flame models into my crusade-era cult of the Emprahh/Sisters of Silence

I'm also using Menoth figures to convert pre-mutation Emperor's Children. Had to keep sonic weapons in though.