If so, is there a conversion tool which helps me do this rather easily, or must I redownload all game images?
For version 0.78 and above, the CHD format was changed, and any CHD files that were being used in versions 0.77 and below need to be updated.
To do this, you will need the "chdman" tool, which replaces the now defunct "hdcomp" tool. The chdman.exe file comes with the standard MAME binary zip file which you can find at
http://www.mame.net/downmain.html.
Before doing any updating, make backups of the CHDs if you can, should anything go wrong when the updating takes place.
For most of the chd's you simply need to convert them with chdman. As an example, we will look at the steps to convert the chd file for "Killer Instinct" which is "kinst.chd". (This assumes you have placed the chd file to convert in the same directory as the chdman tool.
First, rename the file "kinst.chd" to "kinstold.chd"
Use chdman to update the chd by using the command "chdman -update kinstold.chd kinst.chd" This will generate a new updated "kinst.chd" file in the same directory.
Check the new file has been created in the directory, and then delete the old version, "kinstold.chd".
Finally, move the new updated file back to its correct place, the "kinst" directory, if you moved it from there to carry out the update.