It should work almost exactly the same as hard drive encryption. In my experience, the read/write overhead from encryption is negligible. Encryption shouldn’t affect wear-leveling, and it’s still possible to TRIM the drive to discard any unused blocks (although TRIM may leak some filesystem metadata).
If you want to ensure any previous unencrypted is erased on the SSD, consider formatting and trimming it before encryption (using something like blkdiscard). Hibernation should still work, it will just prompt you for your encryption passphrase then resume your session. I’m not sure about any lost functionality, but it’s been seamless for me.
Depending on your threat model, keep in mind that full disk encryption typically leaves the boot partition (usually containing the kernel, initrd, and bootloader) unencrypted since it’s needed to boot the system. This can leave you susceptible to evil maid attacks or modifications from another operating system (if dual booting). For most people though I assume this shouldn’t be an issue.
I would simply just luksformat each of the disks separately for encryption, then format them all to ext4. Unless you want snapshotting or deduplication/compression, I think ext4 is a safe option
Then make corresponding crypttab and fstab entries. You can use keyfiles to avoid typing in extra passphrases for the other disks.