I was able to convert my PAL P500 to NTSC using the directions found here:
http://landover.no-ip.com/pet/forum/index.php?topic=196.0 and parts from 
a broken C64.

Here is the boot screen:
http://vintagecomputer.net/commodore/p500/thm_P500_NTSC_bootscreen.JPG

I have also been able to write simple music programs using the SID chip, 
which appears to use the same memory location as the B Series, not the 
C64.  One has to program a tempo 2X as fast as one would for the B.

This system is quite odd...128K RAM, SID chip, 1mhz, 40 column color 
display.

Bill


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