Most of my customers convert the original figure by use of the lost wax process. Two New Zealand customers use the actual lost wax method/process with wax, while one of my American customers uses a kind of resin I know nothing about that can be burnt out just like the wax without leaving a residue like most resins do. These are nice simple, though I'm afraid, not inexpensive methods for obtaining durable masters. The resin method is especially nice from my point of view as the mold used to obtain the resin copy can be used to make a normal resin figure as well and is normally less expensive than that used for a wax casting. In addition, many jewelers are willing to make the conversion for you.
I've sold to a guy that uses resin castings in the vulcanization process. I don't know the specifics of the rubber he uses though I suspect it is a low temp silicone like Jeff mentioned. This method is especially appealing to me as I can make the 'mother' mold and resin castings for the customer, (and sometimes keep the original for my portfolio too) thus protecting and preserving the original myself. It often happens that the caster will, especially when making molds for a wax casting, damage the original in the process. I suppose it doesn't matter if the original is damaged so long as the caster doesn't ruin his mold at the same time, which has happened. Of course as the pattern maker repairing damage to a figure that still needs to have a usable mold made from it only means more work for me, but I have a real strong aversion to doing things twice which is what repairing something I've already made feels like to me. So far, none of my originals has ever been damaged beyond repair in any of the processes mentioned. We did come close one time though when a customers cat took a shine to a couple of 1/48 scale lumberjacks.
I don't think I would ever recommend putting one of my figure originals straight into the vulcanization process because of my armatures being made up in part from resin castings. The resin, which is encapsulated in putty, gives off gas when heated which is sure to expand and cause a de-lamination of putty from its surface. Those who use putty throughout may be able to get away with putting their originals into the process. None of the polymer clays, Super Sculpy, Fimo etc, are suitable for use in a high temp vulcanization process. However, they are imminently suitable for making RTV molds from.
Were I to find myself in need of converting from polymer clay to metal I am sure I would make an RTV mold first and either have the resin used in a lost wax process or have the resin copy used to make the mold for the wax. Extra steps I know but then making a mold and resin castings, as much as I dislike the process, is much less stressful than the loss of an original sculpt.
Ray