It's a conversion that will be performed by a friend of mine on equipment and software I do not have access to. I am not sure of how exactly it works, but it's the only way I know of to properly convert the frame rate and pitch without generating artifacts, ghosting, etc.
Yes it will need to be re-encoded. But NTSC is preferable to sped up PAL with a higher pitch to the sound. Not to mention adding the PCM laserdisc sound will really increase the quality of the final product.