@OperationBedlam - Unfortunately, there is a need for a conversion. The Region 1 DVD uses the same PAL-to-NTSC standards conversion the BBC uses for the rest of its Doctor Who DVDs. This type of conversion preserves the PAL duration and audio speed. This is fine (in fact, it's great) for regular Doctor Who releases, as every episode of the show is shot at 25fps, and a 25-to-24 conversion would lower the audio pitch awkwardly.
But, since the TV movie was shot in North America, on 35mm, at 24fps - instead of in the UK at 25fps - this means that ALL official retail DVDs of the TV movie, regardless of PAL or NTSC standard, run 4% fast, and the audio is 4% higher in pitch - including the Region 1 release. I'm also going to be releasing a pure standards-converted DVD of the official cut for those who want to see the movie as originally broadcast at its proper speed - see my other thread in the Other Preservations section for more information on this.
@Aluminum Falcon - Yeah, the Seventh Doctor still gets killed by the exploratory heart surgery. There really isn't any way around it. I've cut down that sequence a little bit, specifically cutting the cartoony scream (which was cut in the original UK broadcast, as well) and the "Timing malfunction ... the Master ... " line, since in this cut we don't know that the snake-thing is the Master until Bruce says so. (I'm also toying with cutting his morning-after conversation with Bruce's wife, but I'm not sure if that's gonna happen or not.)