a while ago, it was cheaper to get a socalled video-in camcorder in the states then to buy one over here in europe - so, conversion from ntsc to pal was my problem.
i have to tell you: forget it!
there are some cheap hardware sollutions, little boxes you stick between the camera and your recording device... very low quality!
of course, you can use iMovie with both standards, you can play it back in your camera - but thenß
Question is, what are your plans with your material after shooting?
if Quality is your criteria - buy a socalled 3chip camcorder, that´s best!