Not cheap..
http://www.merconnet.com/product_inf...roducts_id=663
Cheaper.. But maybe not 'as good'.
http://www.howtoconvert.co.uk/howpal2ntsc.htm
Option 2 is probably your only option with these guys above. Though, there are VGA to PAL boxes around too which might work (you'd need the VGA cable for your 360 though) which would essentially give you 1 or 3.