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Well I tried one of my PS2s with Magic 3 on the multi-system TV we have and there was no border of any sort with US PS1 games.
There is a bug in the pre-v7 PS2 that causes the wrong signal to be put out for NTSC PS1 games and it may also be that your TV only recognises NTSC on one of its AV ports.
As for full speed, there is no game play speed difference between NTSC and PAL.
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[b][color=red]Charlie[/b][/color]
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