Quantitative guided wave thickness mapping in plate-like structures and pipelines is of significant importance for the petrochemical industry to accurately estimate the minimum remaining wall thickness in the presence of corrosion, as guided waves can inspect a large area without needing direct access. Although a number of inverse algorithms have been studied and implemented in guided wave reconstruction, a primary assumption is widely used: the three-dimensional guided wave inversion of thickness is simplified as a two-dimensional acoustic wave inversion of velocity, with the dispersive nature of the waves linking thickness to velocity. This assumption considerably simplifies the inversion procedure; however, it makes it impossible to account for mode conversion. In reality, mode conversion is quite common in guided wave scattering with asymmetric wall loss, and compared with non-converted guided wave modes, converted modes may provide greater access to valuable information about the thickness variation, which, if exploited, could lead to improved performance. Geometrical full waveform inversion (GFWI) is an ideal tool for this, since it can account for mode conversion. In this paper, quantitative thickness reconstruction based on GFWI is developed in a plate cross-section and applied to study the performance of thickness reconstruction using mode conversion.