Okay, it's easy enough to do with Acrobat 7 using the print production tools. Just define the RGB ICC profile you want CMYK converted to. If you have PitStop you can do it there too.
The problem that you are running into with the color conversion has to do with the source profile, the destination profile and the rendering intent used. Check out
http://www.mattbeals.com/cms/ for more info. It is tailored for CMYK conversions but the same information applies to any color transformation using PitStop.
The Identity-H font thing has nothing to do with it. Converting it to PostScript and then back to a PDF is one way of dealing with it. Not a very *good* way but it does work. Unfortunately it works at the cost of other objects in the PDF.