Yes, you are correct, it does have an option to export to either format, but as far as I know, Premiere will not produce an adequate conversion. The only thing you can do without a prior conversion to NTSC is export to PAL, and play the footage on a PAL system.
Sadly, Procoder isn’t cheap, but that’s the only software that has given me satisfactory results, other than a hardware based system. I believe they do have a trial version, but I’m not sure about limitations involved.
There are other cheaper alternatives that I haven’t tried such as this: https://www.blazemp.com/convert_between_pal_ntsc.htm
Good luck,
Vince