Q:I have hit the weekly cap, is that the maximum amount I can have period? (will I have to increase my rating to the appropriate amount in order to even afford <PvP Item>)
Q:What is the conversion rate for Arena/BG Rating -> Weekly Cap Amount?
Q:If I spend them, can I earn them back that week?
If you hit the cap you cannot earn any more conquest points that week. You can spend your points, but you cannot gain any more.
All info will be edited into the original post for public knowledge, thanks in advance for any information!