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What do you think of Click Rank Rate?
This measures the number of clicks on a certain keyword or search phrase withinh a specified SE.
The number of clicks divided by the total searches for that query x 100%.
Example: widgets in Google is searched 1.000 times a day and in that period you receive 87 referring visitors from Google.
(87/1.000 x 100) = 8,7% (which is not that bad ;)) so for the Google - widgets combination the CRR = 8,7
You would need to be careful with your selection of keywords that you were trying to measure.
For example, if you picked widgets as your keyword, would you count searches for red widgets and blue widgets as well? This could make your conversion rate appear artifically low.