Convert Custom Taxonomy to Custom Post Type

<?php
/* 
Plugin Name: Convert Custom Taxonomy to Custom Post Type 
Plugin URI: N/A
Description: A plugin to convert a Custom Taxonomy to a Custom Post Type and transfer associated metadata.
Version: 0.1 
Author: Strap1
Author URI: http:/www.hiphopinenglish.com

/** Convert Taxonomy '%name%' to CPT '%name%' **/

function make_posts_from_taxonomy($taxonomy) {
if(did_action('init') === 1) { //Ensure we only run function once
// Get all Taxonomy
$args = array(
	'parent' => 0, //In my case I only wanted top level terms returned
	'hide_empty' => false,
	);
	
$taxonomy = 'your_taxonomy'; //Define Custom Taxonomy (source)
$post_type = 'your_CPT'; // Define Custom Post Type (target)

$terms = get_terms( $taxonomy, $args);

foreach ($terms as $term) {
	set_time_limit(20); //Attempt to prevent timeouts
	$t_id = $term->term_id;
	$term_meta = get_option( "taxonomy_$t_id" );
	$name = $term->name; //Title
	$slug = $term->slug; //Slug
	$description = $term->description; //Description
	
	//Above finds all the data from Custom Taxonomy and associated metadata.
	//We make a new post for each item, using same details from Taxonomy
	if( null == get_page_by_title( $name ) ) { // If that post doesn't exist of course.
		$new_post = array(
			
			'post_title' => $name,
			'post_content' => $description, //Use Taxonomy description for Post Content
			'post_name' => $slug,
			'post_status' => 'publish',
			'post_type' => $post_type,
			
	);
	//Insert post
	$post_id = wp_insert_post( $new_post );
	
	//Insert meta where it exists. Note that my meta is stored like so: http://pippinsplugins.com/adding-custom-meta-fields-to-taxonomies/
	if (!empty($term_meta['buy_download_meta'])) : update_post_meta ($post_id, '_cmb_buy', $term_meta['buy_download_meta']); endif;
	if (!empty($term_meta['custom_term_meta'])) : update_post_meta ($post_id, '_cmb_discogs', $term_meta['custom_term_meta']); endif;
	if (!empty($term_meta['itunes_meta'])) : update_post_meta ($post_id, '_cmb_itunes', $term_meta['itunes_meta']); endif;
	if (!empty($term_meta['artist_showcase_meta'])) : update_post_meta ($post_id, '_cmb_showcase', $term_meta['artist_showcase_meta']); endif;

		} else { // Do sweet F.A.
	}

	
	} //End foreach

} //End function

} //Endif did_action
register_activation_hook( __FILE__, 'make_posts_from_taxonomy' ); //Run on plugin activation
?>