In general, the safest thing is to not perform ARC conversion on code that is not yours. Therefore, you could just tell the compiler to not use ARC with the Cocos2D code, by going into your "Build Phases" on your target's settings, add the -fno-objc-arc
flag as described in the Transitioning to ARC Release Notes. You just expand the "Compile Sources" section of the "Build Phases", double click on the Cocos2D source files, and then enter -fno-objc-arc
in the pop up box.
Having said that, I appreciate that there might be a lot of .m files involved. As such there are sources out there that suggest different approaches to tackling Cocos2D and ARC, such as Enable ARC in a Cocos2D Project.