Tests show it just completely removes all custom field data. This is completely lossy. I'd suggest you do NOT move anything from a company-managed to a team-managed project, regardless of whether you've just painstakingly created every custom field from the old project in the new one.
The values don't come over. If you try to move it back, it gets a new ID and still doesn't have the old data. To say that only the components and version doesn't carry over is just false.
There is no reliable way to copy data from company-managed to team-managed.
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