PAL conversions can work in several ways - in the bad old days, ps1 and before, this could mean squashing the picture and/or slowing the whole game down. However, I believe most ps2 solutions did offer more sophistication - filling frame at correct ratio and retaining game speed - just changing the picture refresh rate. As mentioned, most came with 60hz option - most euro tvs supported NTSC and 'PAL60' by then as well as 50hz.
What? No, while many games had the proper aspect ratio, it's far from most, and those that got that right sometimes suffered from frame skipping or slowdown. 60hz definitely wasn't an option in most games (a selection of a GameFAQs user put it at about 30%).
Buying a European release and expecting it to be good has a *very* good chance of ending with disappointment. I would at the very least do a quick Google search first (unnecessary for Square titles, they're all terrible).
I also suppose I was mistaken as far as Sony Wega Trinitrons go (I thought I heard that they could display at both 60 and 50hz)
Not sure if you got this, but the problem isn't whether or not your TV can display 50hz, it's that 50hz versions of games are generally awful.
Would a PAL converter box be the solution?
To what problem? How much would it cost you to buy Japan releases of those shared Europe/Japan exclusives you really want? And wait until you get a modchip with buying more stuff: they often have options for forcing refresh rates and color modes.
And sorry, Europeans are so consistently screwed over when it comes to gaming, many of us have a very hard time understanding why anyone would want to import anything from here.
Was looking for this yesterday, but couldn't find it. <-- interesting information on European shmup releases.