Converting 16-bit resources to 32-bit

Has anyone found/written a utility which can convert a 16-bit .res file
to a 32-bit one and vice versa? This would simplify parallel development
for Win 3.1 and Win 95.

It seems simple enough, yet I'd just as soon not reinvent the wheel, if
possible. I've searched the MSDN CD (through the latest I have is #10)
and Alta Vista and the Delphi Super Page, all to no avail.