One word of advice -- no time unfortunately for a long explanation -- DON'T DO IT!! But basically rudeboy is right... You will not save anything and will end up frustrated if and when it intermittently works... There's a reason NTSC broadcasts at 30 fps and PAL 25 fps, and it has to do with electrical frequencies, and even with HDMI you will have problems.

Workaround: a large HD monitor purchased locally (eg from Dell or Apple) and two DVD players, one set to Region 1 and one set to Region 2 (you should be able to change regions on new DVD players).

Really it's very false economy to attempt such a thing (plus what about import duty?). Good luck.