[gaming electronics question ] PAL to NTSC? PS2 question....

i just returned from a trip to india where I bought my kids a "cracked" Playstation 2 system because the games were so cheap. anyways I bought the electric converter (our 110 volt to 220 volt) and so I thought all was well. however I forgot to account for the fact that the output on this PS2 would be in PAL (not NTSC)...

I do have a vizio 32inch LCD that apparently will take pal input because it plays/looks great. however this tv is in my room and the kids have an older TV in their room that only takes inputs in coaxial, composite, and components...

the PS2 wire included is a composite wire.. however i've seen component wires available...

my question is whats my best solution..

1. get a new tv - that works both PAL and NTSC? hate to spend this much on pre-teens...
2. a PAL to NTSC converter - seen a few for about $50
3. are component wires specific to PAL/NTSC? have seen these wires for PS2

any other suggestions?
thanks