No black/white as said, MVS is 60hz RGB, not specifically NTSC, so you just need your TV to support 60hz. Otherwise, you'll get a picture that's out of sync.
If it doesn't, yeah, you can probably fix the machine to do 50hz, but you should really get a new TV, if you're serious about this. Your friends will mock you if your Neo games run 15% slower.
Just about every new PAL TV suports 60hz (and NTSC), including the cheap ones. I recommend a cheap 25" Philips TV, usually around 2000kr in ElGiganten.