Page 1 of NTSC to PAL converting players?

Please can anybody help me with this simple question:

I have a Pioneer DV535 DVD player and i was wondering if this specific player converts NTSC signals for Region 1 DVD`s to PAL, as i don`t think my TV is NTSC capable. I know the Arcam DV88 player does, so if anybody knows the answer please tell me or i will most likely, have to buy a new TV.
Does anybody have any info on these NTSC-to-PAL converters, are they any good.

Any reply would be greatful

Paul

P.S. on the front of the player it has the symbol PAL/NTSC??