I have an earlier Elmarit-R 28/2.8 lens and can relay the following experiences with it on my K-r -
When carefully focused, the results are gorgeous (though I don't have lots of great examples readily at hand) - I have a number printed in my office currently -
I find the 28 difficult to focus quickly via the optical viewfinder on my K-r, so it works much better for a well contemplated shot. (Note, I don't have a katz-eye or other split-prism focusing screen installed) While I can focus other vintage pentax manual glass quickly and accurately, I don't know if it's the wide angle, narrow focus area wide open, or what exactly on the 28 that usually trips me up. Using live view, it is much easier to perfectly nail the focus, but again, you're not going to capture a fast-action shot this way. Prefocusing helps as well, of course.
The conversion is not difficult - the directions at leitax.com are good.
I don't have experience with the newer Zeiss K-glass, though have seen it around a bit and it looks nice.
There are two different versions of the 28mm lens - an earlier design (which I have), the 'series 1', which in r-mount has 2, 3 or 'r-only' cams in back, and the newer 'series 2' ROM lenses which are post-1994, uber sharp, and uber spendy. They've both found quite the cache with the FF DSLR crowd for cinematography, but the ROM-lenses much more so. Prices for good copies of the earlier lens are in the $400-800 range on ebay. I just added an entry for this lens to the third-party lens database this morning, though have yet to specifically review it.