yes, you shouldn't have any problems ripping and burning it; just make sure that your mac dvd player doesn't autoplay it (setting is in control panels cd/dvd, and possibly also in the dvd player preferences). if it starts autoplaying, it'll ask you to change the region code on your drive, and if you don't change it, the computer will eject the dvd.
as far as converting ntsc to pal, i think you're out of luck (though i could be wrong on this). you can do the conversion through programs like ffmpegx, but it's going to throw off the time code / frame rate in the conversion so that the sound won't match up with the image; they'll be out of synch. at least that's been my experience in converting clips from pal to ntsc.
the ripping/burning is easy, but it's probably easier to pick up a multi-region player with a built in ntsc/pal converter (or hook your computer up to the tv) than to try to do the conversion yourself.
good luck.
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