Somebody on Fluther may have personal experience with this, but I feel like the answer is easier to find on Google, and will depend on your TV and what conversion box you have.

Why the interest in a PAL DVD?

Your DVD player has to be able to understand PAL DVDs, also region 2 and 0, in order to play them on a standard North American TV monitor (which is set up in NTSC system).
Most North American DVD players do not understand PAL system and region 2 or 0 (so called universal region). They understand only NTSC system and region 1.

I have a NTSC television and a DVD carousel player which was factory-set at Region 1. I have reset it to play DVDs from anywhere. Everything’s hooked up to my receiver.

I put in one of my “Ripping Yarns” discs, which came from the UK, and it plays fine. Go for it.

You absolutely can. The player needs to be able not only to understand PAL, but also to output as NTSC, for the sake of your TV. I have many PAL DVDs, and I’ve found that Philips DVD players do this exceptionally well, you can pick them up for cheap at a decent electronics store, and unlock them. There are other brands as well that you can unlock to play other regions, but not all will handle the PAL conversion. You can check for your model HERE, and find out if there’s a hack for it.