Best practice for converting Pantone to CMYK

I would go for a color managed simulation of the Pantone color.

That means (like others already suggested) get an ICC profile from your printer to do the conversion.

Your example PANTONE 7548 C is a good example, entering the CMYK values suggested by Pantone does not even look like the spot color or the RGB version.

First find out what icc profile their print service bureau is using. If it is a unique icc profile that is not among the defaults listed in Photoshop, then ask for their .mx4 file so you can import the icc profile into Photoshop.

Create a new file with the correct icc profile assigned. Now look up the Pantone color, then go to the color picker to see the cmyk values.

But, please know that when converted to CMYK, the colors will be muted and not as vivid as a spot / Pantone color.

Depends on what substrate, inks and print process. You could put the PMS color into Photoshop, then got to CMYK to get values that are pretty good, and often better than what Pantone supplies in their bridge book.

You should though have printed CMYK destination swatches from the press this is printing on, and compare the PMS target  to refine the color.

One new to the industry would think Pantone is the authority on color, but that is very far from the truth. They never were technically a great color company, just in the right place at the right time. IF you need a mug, or false hope in what the color of the year is Pantone is your company. They stopped producing usually material such as printed PMS tint books, and opted for mugs and T Shirt.  Their CMYK color matches don't use enough GCR, and are often muddy and use too much ink going over ink limit.

Ask your printer for drawdowns or swatches. They may let you borrow them, or you visit and choose at their light booth.

The matching CMYK values will depend on the print output. The best practice is to consult your printer first. Some printers actually prefer the color swatches stay Pantone because their RIP can automatically do the correct conversion at output.