My NTSC to PAL convertor is absolutely perfect. When I play NTSC games to my PAL TV I connect via the convertor; when I play PAL games, I connect direct from the PS2 (and that's an NTSC PS2!).

The other way round will work in the same way. You'll play PAL games with the convertor attached and NTSC games as you are.

My convertor which works at the AV level (as well as RF) cost only $70 equiv. What a rip off $200 for the other way round.