High-earning W2 Spouse + My Schedule C (Should I convert LLC to S-Corp?)

I know the LLC vs. S-Corp decision has been widely discussed (especially this wonderful post), but I’d love some input.

Here’s my situation:

• My spouse has a high-income W-2 job (~$195K taxable income) with maxed-out 401(k) contributions and good benefits. (yeah, I married up 😂)
• I run a solo business (contracting/services), currently structured as a single-member LLC taxed as a sole proprietorship (Schedule C).
• My LLC’s net income (taxable) is ~$120K after expenses. (Something like $155k gross)
• We file jointly
• Right now, I’m paying full self-employment taxes

Should I convert to an S-Corp?

I’ve been debating switching my LLC to an S-Corp and paying myself a reasonable W-2 salary (like 80k?) to reduce self-employment tax. I ^think^ I know the basic advantages like self-employment tax savings, distributions, but I want to make sure it actually makes sense given our income level and tax bracket.
So,

• Would switching to an S-Corp actually save me meaningful money, given that we’re already in a high tax bracket?
• For those who have gone from Schedule C to S-Corp, what unexpected challenges or costs did you run into? (I currently use Quickbooks for accounting)
• Are there hidden pitfalls you wish you had known before making the switch?
• At what income level did an S-Corp start making a major difference for you?

I know every situation is unique, but I’d love to hear real-world experiences from people who’ve made this switch—what worked, what didn’t, and what you’d do differently.