There is actually a lot of misconception that NTSC can be converted to PAL or vice versa easily.
Answer is no, not as easily because you are either losing frame or adding frame which will affect the smoothness of your video playback.
There is a proper way of doing frame rate conversion, but these processors, either hardware or software versions are pretty expensive.
In the standard definition world, NTSC only captures 720x480 pixels @ 29.97fps so essentially, it's lower resolution than PAL 720x576 @25fps.
In the Hi-Def world, NTSC & PAL terms don't apply anymore. You're fixed to HD resolutions and they're identified by either 50i (PAL Framerate) or 60i (NTSC framerate).
Implications of this is, for HD, whether you choose 50i or 60i, you still get a full HD resolution.
For the difference in frame rates, you may not face any issues for playback on computers or on LCD panels as all the current models of TV sets are all 'multi-system' or multi-framerate capable.
However, you may face flickering issues during video capture in artificial lighting when you use 60i cameras locally. That is because our electricity runs at 50Hz, which is not in the same frequency as your camera's frame rate. The opposite is true for the reverse situation when you run a 50i camera in a 60Hz region.