I sincerely hope it doesn't die on you after you convert your codebase. I wouldn't wish that on anyone.
It's far worse than "the definitions for external JS libs are not perfect;" it's that the TypeScript compiler throws a tantrum when they aren't perfect, which is >50% of the time, to be generous. AllowJS is relatively recent and didn't exist when I started using it - which is shocking, because integration with the JavaScript ecosystem was a major selling point (just check the TS project site's front page). CheckJS is very recent and VS2017 doesn't even support it yet - for a language whose main selling point is tooling support, it's shocking that VS2017 doesn't let users update their TS version.
Another selling point listed on the front page of its website: ES2015 features. Except it doesn't provide Promises, Map, Sets (and I can't remember if they added Object.Assign support, but it also was not supported when I was using it). When you provide your own polyfills, TSC complains unless you provide typings and add specific config values informing it what you polyfilled.
Its 3 main selling points were JavaScript ecosystem integration, ES2015 features, and tight tooling/IDE integration. Each of those things failed me when I used it. The IDE part hurt me the worst, preventing my project from compiling altogether for a while. Every one of its main selling points has been a pain point for me.