By using a tunable filter with tunability of both bandwidth and wavelength and a very sharp filter roll-off, considerable improvement of all optical Wavelength Conversion, based on Cross Gain and Phase Modulation effects in a Semiconductor Optical Amplifier and spectral slicing, is shown. At 40 Gb/s slicing of blue spectral components is shown to result in a small penalty of 0.7 dB, with a minimal eye broadening, and at 80Gb/s the low demonstrated 0.5 dB penalty is a dramatic improvement over previously reported wavelength converters using the same principal. Additionally, we give for the first time quantitative results for the case of red spectral slicing at 40Gb/s which we found to have only 0.5dB penalty and a narrower time response, as ...