How well structured are your makefiles? You might be able to automatically generate some of the BUILD files to help bootstrap the process. Even getting 90% of the way there automatically is a huge help. I've been part of a gyp -> bazel conversion which was mostly that.
Calling make from Bazel will be a pain. You aren't going to have fun writing rules to expose the intermediate libraries back to bazel. I think it'll be more work than writing the rules themselves. You are better off calling Bazel from make.
I think you'll find that you need to first start by converting the core set of libraries, and work out from there. Bazel is going to generate a bunch of .a's and .so's (one per cc_library), so be aware of that. If you can structure your rules to match that structure, you'll have a lot easier time with the conversion.
I'd highly recommend providing the compiler through a custom CROSSTOOL file and also controlling the version of bazel in use by either checking in a copy of bazel in at //tools/bazel or writing a shell script to fetch a specific version of bazel and use that. With 250k source files, you are going to have a lot of developers. The more you can control the dependencies, the less configuration problems you are going to run into, and the more repeatable your build will be.
Good luck!
Austin