Mark,
I have done some conversion from NTSC to PAL of my kids’ dance recitals. I live in Belgium, shot multicamera and had some good footage and cut a simple video for the moms and dads.
I was able to use Compressor to convert an FCP sequence to MPEG-2 PAL imported to DVDSP to complete the project. When you get the NTSC sequence opened in Compressor, you can change the format in the Inspector window, 2nd tab, if I remember correctly.
Have you tried Compressor yet? Any luck?
Art