AdWords is great method of testing conversions for your actual site.
However, you take into account that these conversions may not
neccessarily reflect the conversions of a JV, as you are sending a
solo ad (email), rather than a cpc ad.
Definately keep testing with AdWords - I do the same all the time.
Although, you can and should test conversions of your solo ad(s).
I like to use Rent-A-List.com for my split testing needs.