We know intense regions of curvature, for example near a black hole horizon, induce a flow of electromagnetic waves (and, less so, other particles). aka Hawking radiation.
By contrast, curvature in one direction which is equivalent to acceleration in flat space induces photons in random directions (Unruh effect).
Gravitational waves are ripples in space time, which create regions of local curvature as they pass by.
By analogy, one would expect that, although very weak, these should also induce a flow of photons. For a linear gravitational wave (from a distant source) one might expect to experience the Unruh effect if it passed through you. i.e. the gravitational wave should have a small (i.e. practically unmeasurable) temperature.
For a gravitational wave from a spherical source, by analogy I would expect to see some kind of weak Hawking radiation flow with average direction away from the source as they passed by.
Following the logic, a gravitational wave emitted from a spherical source should slowly turn into an electromagnetic wave. The question becomes, as time goes to infinity, what percent of the gravitational wave will have turned into an electromagnetic wave (or photons)? Will all of it? Or will it reach some equilibrium. Is there a back-of-the-envelope calculation that one can do?
(I can't see a process in which an electromagnetic wave decays into a gravitational wave so I think this is only a one way process - but then again photons also induce a gravitational field so this suggest to me that some equilibrium might be reached).
Or is there a counter argument which says gravitational waves won't decay into photons?
If there is such a process it must be very slow otherwise gravitational waves couldn't travel such long distances and be detected on Earth.
(Also, perhaps if the gravitational wave did all decay into photons, perhaps these collection of photons couldn't be described in terms of waves?)