This discussion from the Adobe Encore (full-featured authoring program, bundled with Premiere Pro) might be helpful when one needs both PAL & NTSC from a Project: http://forums.adobe.com/thread/995779.
While it comes from the Encore Forum, there are many useful tools mentioned in it, that could be helpful for other programs, as well.
Note: this thread is based on using MTS files in an HD (High Definition) Project, but much could be applied to an SD (Standard Definition) Project too.
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