I am a CD32 collector in the USA and am on my second go around with the CD32.
Way back in 1995 or so I purchased an NSTC unit from a vendor named "Bigg Wolf" in New York. We chatted on the phone several times and it was generally cool having such a rare item in a country that was not supposed to have them. The reality was that the games either didn't play correctly when in NTSC or I would have to grab the mouse from my 3000, boot in PAL and play on my 1084 which was not an option at the time so I sold it.
Fast forward to this year and I own a PAL CD32, a PAL compatible TV set and about 30 CD32 games, many of which are unopened.
The games are, sadly, mostly crap... But that only makes me want them more sometimes. There are a few good ones, Frontier, Pinball Fantasies, Cannon Fodder.
At Amiwest this year I may be doing a "public lab" with an NTSC and PAL CD32 units to see which games will play on what systems and in which modes. I still run into people that claim they have played NTSC CD32's on NTSC TV sets and everything played fine and I just don't think it is possible.
Bottom line, unless you have some sort of twisted soft spot for the CD32 like I do, you would be better served with an A1200 or WinUAE.
From my personal experience (NTSC CD32, PAL CD32, Multi-system TV, CD32 games):
Some games (very few) run 100% properly on an NTSC CD32 console (might have built-in pal and ntsc detectable modes and they switch to the appropriate mode, depending of the territory)
Some games run...well, run, only...with glitches, etc., with an NTSC CD32 (these games are of course PAL coded only) however depending of your tolerance level, you might consider this running properly or just running in theory. :-)
Most games are PAL only, and require PAL mode to run as intended.
Some games will not run even in PAL mode on an NTSC CD32 (mouse, boot mode, swtich to PAL). I suspect that memory is so scarce with these games, that even after switching to PAL, it just doesn't cut it. That, or it's a deeper issue of PAL compatibility (requires a hardware forced hack vs software hack).
Again from my experience only, I suspect that some NTSC CD32 units have inferior CD drive mechanisms to their PAL counterparts (bad tolerance towards CD-Rs).
My 2 cents. :-)
