RE: How Steem Back Dollars, Steem Power and Steem work. Plus, How to Squeeze The Most Steem That You Can Out of Your SBD.

It depends on the value of the SBD compared to the value of a Steem Token.
When they are trading at a 1:1 value then I would say take your awards in 100% SP. Currently the ratio is 1: 1.49, so if you take 50:50 your SBD will buy a little more SP, but it's another couple of steps because you've got to take you SBD and sell them, then take those profits and buy Steem tokens with it.
We are always in a position where we need to check what that ratio is in order to make the best buying decision...to get the most bang for your buck, so to speak. :)