When I select the ubuntu 10.04 LTS 64 bit AMI, the only option seems to be to use it on a micro or large instance.
How can I run this image on a small instance? Is it possible to convert it?
If relevant, I'm deploying in the eu-west region.
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EC2 does not currently support 64-bit on m1.small or c1.medium.
You will need to run a new 32-bit instance, follow the instructions you documented on how to install and configure the software, and copy your data over from the original instance. You can also reassociate any Elastic IP Address with the new instance.
Keeping your data on a separate EBS volume makes it easier and faster to move to different instances.