After some more research I've figure out the problem. There was a significant increase in CCBill click counts for Sept & Oct, so I started looking for why...
On stocking-vixens.com I mix in some previously listed galleries from time to time. When I relisted some of Lana's galleries I switched up from the photo galleries to the video version. (she always releases them in pairs, examples below).
I generally use only the photo galleries as the sample images she uses on her video galleries don't make good thumbs. Back in Sept when I added a number of her previous galleries to the pending queue I switched from the photo to the video version, keeping the same thumbnail.
examples:
http://www.leggylana.com/affiliatega...ex.php?1585104
http://www.leggylana.com/affiliatega...ex.php?1585104
The first two "thumbs" on the video galleries are blind linked to the site tour rather than to movies or images. This accounts for the increase in clicks, without a corresponding increase in sales. The click increase alone isn't sufficient to account for the full increase in conversion ratio, but when combined with a reduction in sales it certainly had a drastic impact.
Lessons:
1) Blind links are bad umkay!
2) Don't use Lana's video galleries.
Case closed.