We demonstrate microwave-to-optical conversion using six-wave mixing in $^{87}$Rb atoms where the microwave field couples to two atomic Rydberg states, and propagates collinearly with the converted optical field. We achieve a photon conversion efficiency of ~5% in the linear regime of the converter. In addition, we theoretically investigate all-resonant six-wave mixing and outline a realistic experimental scheme for reaching efficiencies greater than 60%.