Ah I was reading this just last night in my IA2. The Mk1b was the rhino of old (I believe it was the first plastic kit GW did), it goes back to the Rogue Trader days. This was changed to the now common Mk2c.
Model wise the Mk1 had 2 panels on the front rather than the single panel on the Mk2, the side doors used to be circular and it used to have a spiked ram on the front. If memory serves it also had two bolters rather than a storm bolter too.
Isn't the STC Varient of the Rhino technically older than that one?
so the only reasons to convert a new one would be because your Astartes don't have access to STC templates, or you just wanna. at which point you could just get yourself an old Vindicator which are still around in places. and convert that.
There never was much of a distinguishment between the Mk.I Rhino and the STC Rhino. As for making the older version... I'm kind of curious as to why you'd want to make one of the old clown cars. The MkII kit at least actually fits ten models if you take them off their bases (I've tried-- two in the front, eight in the passenger compartment) and thus is actually more to scale than not.
You can certainly get the old Rhino look with the new model, though. Pretty much, all you need is a Chaos Rhino box (as it has a spiky ram on the accessory sprue) and some plasticard to make the round doors out of. From there, it's just a question of mounting a single bolter on each cupola.
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