Hi there ganymede,
As a guy that's done a conversion (albeit an unconventional one) I can give ya some info on them. I personally used a custom stock block I got a machine shop to make, so I could use a folding AR15 stock, however this was a personal preference for me.
First off, the UMP lower receiver magazine well is about 1/4" wider overall to accept the double stack UMP mags. You can use USC mags as the catch is in the same location, however you will need spacers for the USC mags. I have heard that the plastic "adhesive" backed chair buffer things (for protecting tile floors and wood floors from scratches) work well...
However you will require several parts for the conversion: A UMP lower receiver, a stock block adapter, a UMP folding stock and magazine (or spacers for USC mags).
There is also a company called HERA Arms that makes a folding USC45 stock that allows you to use a regular USC45 and USC single stack lower and magazines, but gives a better pistol grip and a UMP folding stock: It's called the FSC (Folding Stock Conversion)
(picture is huge so I put it as a link instead)
http://www.hera-arms.com/images/4cf25cf56ed11.jpg
IIRC the cost was around 600 dollars last time I saw them (which is WAY cheaper than going for a full conversion). Wolverine Supplies I think is an importer for HERA Arms, so I would Email them and see if they can get it for you. I know another member here was looking at getting one of those too, so you might be able to get wolverine to order it for you too if they are still doing HERA stuff.
If you still want to do a full bore UMP conversion I can give you screen name of the guy I got some of my stuff from (Chris is a great guy to deal with) but you'll be looking to spend probably 1500 bucks plus or minus for the UMP lower receiver and stock block. Considering the lack of UMP45 magazines in the USA right now (and the cost of the UMP mags right now in the states) you can expect mags to be VERY expensive. Far more than the already expensive USC ones are right now.
The UMP mags are cool but considering EVERYTHING is pinned to 5 anyways, I would stick to the USC conversion offered by HERA as it's much more reasonable, and aside from the lower and barrel (which you can get from Dlask anyways) it looks very close to a UMP.
ETA - Any chance I get, gotta put up some UMP ####. What mine looks like: