If you connect a DVD player, satellite receiver or other signal source to the TV via component video inputs, then the NTSC vs. PAL encoding issues are completely bypassed. All that is necessary then is that the TV can cope with the slightly different scanning rates of the two different systems (15,625Hz vs. 15,734Hz horizontal; 50Hz vs. 60 Hz. vertical). Most modern sets will cope with those variations fine.
Most American model TVs are not designed to accept PAL on the composite/S-video inputs, nor will they have a tuner which is suitable for use in the U.K., but if you are happy to watch everything by way of the component video inputs (satellite, digibox, DVD), you may be fine.