Steve --
I am NTSC, but recently I had a PAL project come to me. My Sony DSR-11 was PAL-compatible -- so I could digitize and work -- but my card and monitoring system were not PAL compatible.
Nattress' standards conversion plug-ins for FCP made it possible to "convert" PAL to NTSC, so my client could watch, see, and use here in the States. No complaints from either me or my client. Not as good as an analog/lab conversion, but pretty swell.
I sugggest the same path -- DSR-11 rental should be pretty cheap, and I think the plug-in is like $100, not too bad.
Caveat -- I have no idea what I'm talking about, just my experience.
good luck!
karl t