Extra Withholding due to Roth Conversion?

This year, we converted some of our IRA funds to a Roth IRA, amounting to about 15% of our income from last year. We're concerned about potentially facing a penalty for underpayment of estimated taxes. In our situation:

  1. Does the Safe Harbor rule apply if we increase our W-4 withholding to 110% of the tax shown on last year's return?
  2. When considering the previous year's tax for the Safe Harbor rule, should we refer to the total tax owed (Form 1040, line 24 "total tax") or the total tax withheld last year (Form 1040, line 33 "total payments")?
  3. Is it necessary to withhold the tax in the same quarter as the Roth conversion, or can we increase the withholding later in the year?
  4. Can we increase W4 to withhold 50% of income as tax?