Question

As a chair conformation is converted to boat conformation, are equatorial and axial substituents interconverted?

Answer 1

The interconversion of chair to boat then chair, between the two chair conformations involves the following sequence.

first chair - half-chair - twist-boat - half-chair' - chair'.

The boat conformation  is a transition state, not stable., allowing the interconversion between two different twist-boat conformations. While the boat conformation is not necessary for interconversion between the two chair conformations of molecule, so any molecule with enough energy to go from twist-boat to chair also has enough energy to go from twist-boat to boat.

the chair conformation to boat not all interconerted, only half part.

completely all not interconverted.

These conformations involve following order of stability:

chair form > twist boat form > boat form > half-chair form