Yes, this is possible. If you have an IVTC-ed Movie you can easily convert it to PAL by playing the frames with 25 fps instead of 24 (23,976) fps.
You still have to do some frame resizing to match PAL - DVD resolution (Full D1 720x576 or 704x576). Usually this should be avoided because NTSC (720x480) only has 83% of PAL resolution.
Because of the higher resolution, an original PAL source is much better than any NTSC to PAL conversion could be.
A PAL to NTSC conversion would be more reasonable, because PAL is not telecined and can easily encoded as NTSC. The picture is also probably a bit sharper than a NTSC transfer because of PALs higher res.

But I actually did this kind of NTSC-tp-PAL conversion for my current DVD version.
I do not have an english PAL-LD to capture the opening text (and Greedo scene) for my DVD, so I used the scenes from Dr.Gonzos DVD (which already was ivtc-ed to 23,976 fps and anamorpic) and converted it to PAL by resizing and fps changing. Of course the quality is worse than a direct PAL LD - capture would be, but it is still better than VHS.

Greetings
Grisan