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First of all, the thing with films on PAL DVDs is that they're in 25 frames per second, when film is originally in 23,976. (or 24p as that's usually called)
So when they convert films to PAL they also speed up the audio slightly which means everything sounds just a little off pitch, compared to the original.
On NTSC DVDs, encoding 24p is on the other hand possible. NTSC has slightly lower vertical resolution than PAL but most of the time it's not noticeable.
That said, I think most projects here are in NTSC if they're on DVD since that stays more true to the original.
Which one is the best is a matter of opinion. Nowadays, people often choose between Harmy's despecialized edition and dark_jedi's V3. Harmy's version is based on the special edition HDTV and blu-ray versions, from which he's been doing an amazing job on removing the CGI. DJ's V3 is based on the 2006 bonus DVDs (GOUT) which he stabilized and converted to real widescreen.
In both you can also find some high quality audio tracks mixed by hairy_hen, which aims to replicate the original theatrical audio.
If you want Harmy's version on DVD I guess there is some software to easily convert it, but since you have a HDTV I'd say try to watch it in it's full resolution!
Me and DJ are also working on a new version for blu-ray where we've upscaled the 2006 bonus DVDs, improved the colors and cleaned up film dirt and glue. It'll most likely take us a long time to finish this project though.