Yes, in theory it allows you to use your Video Toaster in PAL modes, the same goes for the GVP TBC+. Both are "old school" professional transcoders.
Yep, I know it's in THEORY!!

An AMIGA user from Italy has managed to operate the Video Toaster in "PAL", but it does not answer my messages.

I think he's using GVP TBC as you mention. If you know how to proceed, I'll be interested to have more informations. Thank you.
You are going to have a hard time finding that board. I've only seen 1 or 2 in all my years of Amiga work. But, someone here might has one 
Yep, I know, I've never seen the PRIME IMAGE for sale or topic thread, since over two years.
