Bootie Brown, Slimkid3 and Imani began their careers as dancers

A double pun: running a convention (like a conference) on time requires significant leadership and organizational skill; also, ‘rap conventions" could refer to motifs and mores in rap music—and “running” them “on time” could mean rapping those motifs with a flow that’s on time to the beat.

Here “gift” = “gift of gab”. So by “swift with the gift” he means quick-witted when flirting.

Some people try to “win” at life and try to own everything. It is interesting that in this line Greg Nice doesn’t put himself in this category.

By using the word “badass” here Greg Nice shows that he is intrigued by a woman who is not submissive (which so many other rappers seem to value).

Greg Nice often spells his name out as Greg N – I – C E,
most notably in Nice & Smooth’s appearance on the Gang Starr song DWYCK. Greg N I is an abbreviation of that.

Sippin Moet and Dom Perignon with a tuna salad sandwich is hip-hop: it is juxtaposition, sampling, and mixing high and low.

The rapper Chali 2na might beg to differ.

Like the Land-O-Lakes line above, this line is refreshingly down to Earth; had this been written in 2013 the line probably would’ve been about sushi.

Ike Turner is at this point is more famous for his violence against Tina Turner than for his music.

Greg Nice thinks about him here because he is thinking about violence and is a musician himself.