Solution:

Create a blank new drawing.

Issue either the QNEW or NEW command.
Select a template from which to create the new drawing.
Change the units setting within the new file.
Issue the command UNITS.
Set the 'Type' to Decimal.
Set the 'Insertion scale' to Feet.
Click OK to exit the Drawing Units dialog.
Create a new dimension style whose name matches that of the existing inch-based
drawing.
Issue the command DIMSTYLE.
Click the 'New' button.
Give the new dimension style the same name as the dimension style from the inchbased drawing.
Click 'Continue' and modify the new dimension style, and set the 'Unit format' o
n the Primary Units tab to Decimal.
Click OK to exit the dimension style dialogs.
Insert the existing inch-based drawing into the new file.
Issue the INSERT command.
Browse to the location of the inch-based drawing and select it.
Check the box for 'Explode'.
Click OK.
Specify the insertion point in the new drawing.
The dimensions from the existing inch-based drawing file will be displayed in th
e new file as decimal feet measurements.