Modchipped PS1 has a variety of problems.

Pal as better colours than ntsc
PAL 60 imho it's even better than NTSC...
If you see black bars (at the top and at the bottom of the tv) in lots of pal games it's because the conversion sucks....
So there are advantages and disvantages in eithers format.
Better framerate but less "brilliant" colors for NTSC or viceversa for PAL

P.S and i'm talking about using SCART (true rgb) and not that shit called composite where's the difference in colours it's even more due to a tecnical reason

 

I know a thing or two about RGB my friend.

 

Doesn't matter whether PAL or NTSC colour encoding if you are using RGB. The only difference would be between PAL/NTSC-J and NTSC-U machines as the black level is different between those.

 

Yeah! Scart for life