You should buy a step-down transformer for the voltage drop. The frequency, however, may or may not cause a problem. 60 Hz and 50 Hz are relatively close so the human eye may not be able to notice the difference. Because it is a slightly lower frequency, the picture will be displayed at a lower rate which may or may not make the screen flicker. Since the frequency is at a lower rate it should not harm any of the electronics (I am not making any guarantees though). Generally speaking with electronics and most electrical equipment, if you go lower than the rated value they are fine, you just can't go higher. I would say if you just buy the proper adapter for the voltage you should be ok, but again there are no 100% guarantees.
EDIT: But I noticed you said you have to pay a couple hundred for the NTSC to PAL converter so you may be better off just buying a new TV.
Check out my video game music blog:
http://games-and-guitars.synergize.co/
PROUD MEMBER OF THE PLAYSTATION 3 : RPG FAN CLUB
He who hesitates is lost
