Lammy: Your case is not that different from those “footage” conversions… because your Comp has video in it 🙂
If it didn’t, you would get very good results by just creating an NTSC comp, dragging the PAL comp inside as a nested comp, and then just hitting Shrink To Fit if needed for aspect ratio conversion (Comand – Shift – F on Mac, I guess it must be Control – Shift – F on Windows, right?).
Standards Conversion in AE was always a bit better than in an NLE applications (because of higher quality speed changes) but not as good as a dedicated solution. The new Pixel Motion technology (which sounds a lot like Optical Flow) in AE 7 might give you much better results. But if that’s not the case (or meanwhile) your best bet is going to an application that has that functionality specifically engineered and built-in, ie, Procoder on the PC and (very recommended) Compressor 2 on the Mac. Standards conversion in Compressor 2 is not really preset driven, but rather has to be manually set, but it’s usually worth it. It takes forever, unfortunately.
All the best,
Adolfo Rozenfeld
Buenos Aires – Argentina
https://www.adolforozenfeld.com
adolfo@adolforozenfeld.com