The new Addressfield, Telephone and Email fields need to be created and update the "mapping" in the script to specify the old and new fields. Only then run the script. Another caveat is that it currently only works if there's one location field per entity bundle - that's all I needed for my use case.
I've got a bee commandline script to convert Location module address data to Addressfield, Telephone, and Email module data: https://gist.github.com/herbdool/5887dbdbb8a503b17c52d657f8854a92.
The new Addressfield, Telephone and Email fields need to be created and update the "mapping" in the script to specify the old and new fields. Only then run the script. Another caveat is that it currently only works if there's one location field per entity bundle - that's all I needed for my use case.