Help playing pal DVD's on a USA NTSC PS2

[Cheese]

Please help this newbie. Just got a PS2 for xmas and I love it. It is also my only DVD player. I am in the USA and have been told I have a
model 4 PS2. I see that I can buy a DVD region killer disc as well as some chips that also kill regions. My question is this. I travel to
Europe, Mostly England, and would love to be able to buy DVD's there and play them back on my USA PS2. I am told that the region killer
will allow it to play but if it is PAL video I will need some sort of hardware devise to allow it to play correctly with full color and best
picture. Is this true? I am also told that if you have a PAL PS2 from europe you can play any DVD including NTSC DVD's if you have region
killer. Is this true? If a PAL PS2 is chipped can it play USA and European games on a NTSC TV? Is it the best of both worlds? If I go
through the trouble of chipping this box I want to make sure it does it all. Thanks.