If post exists, make it a comment in existing post with same name?

You can use get_page_by_title http://codex.wordpress.org/Function_Reference/get_page_by_title to check if another page/post is using the same title. If so, get the content of that post and insert it using wp_insert_comment, and delete the original post with wp_delete_post. Finally, glue all these together inside the save_posts action hook.