If you already have sRGB* JPEG files then there is no point in making a conversion to a different colour space, since you will always have conversion losses, regardless of the direction of that conversion. ProPhotoRGB should only be used for 16 bit images, and I would be inclined to try to keep AdobeRGB images in a 16 bit space too.
I probably wouldn't up convert to 16 bit either, unless you had images with large areas of very fine gradients, to which you will have to apply a large tonal shift. In that instance the additional room that computing values at 16 bit will provide, may help to prevent posterization effects becoming visible.
*Your worse case situation will be that the JPEG files have no colour space information included, in which case I would treat them as if they were sRGB, or at least close enough to it to make no difference.
Alan