I think it would be equally fair (or unfair?) to resize the NTSC to PAL resolution, and adjust VDub so that PAL looks good first. Then I think you'd find that the NTSC version looks a little softer, and perhaps washed out.

The setup of +7 IRE (or is it +7.5?) on US-spec NTSC means that black is at 16, rather than 0 like it is for PAL. So if there is no adjustment made up front, PAL will generally look darker than NTSC. So if NTSC looks good, PAL will look too dark. If PAL looks good, though, then NTSC will likely look blown out a bit.

It's a tricky thing, comparing apples and oranges!