I don't think that mht files and html data should be able to co-exist for the same item. It can get really confusing.
It happened a few times where -- after deleting the MHT link -- the old html content reappeared. IMO, once you convert to MHT, HTML should be deleted completely. Same for the reverse.
MHT files should also be deleted when an Item is deleted.
(Don't know if some of these issues are solved, but since I remembered about them, I thought I should mention.)
Mantis stuff? Bug?