It's generally all that anyone does though.
http://thecryptmag.com/Online/49/PaltoNTSCandBack.html
You can update execbase too, the source code here does that.
http://aminet.net/util/misc/60HzEmulator.lha
A lot of the source is useless, it allows switching using key combinations and faking vblank using a cia (if you don't have a fat agnus).
Updating exec base is mostly useless, generally the reason why you are switching is because the software doesn't bother to detect the mode.
All I know is there is more to it than just switching the video mode to PAL. You do that with a single instruction, no need for reboot. It also won't make most PAL games actually work. I assume it is that execbase thing is the secret magic but I never knew. Now that I think about it, I think it is the execbase thing. But u can't just do it "in real time". You would need to change the execbase var and then reset so that the whole OS is "aligned" to the new video mode. Else all the Amigas blitting routines and so forth would have wrong clip limits, wrong overscan limits, etc. Nothing will work right.
There are 2 kinds of palboot utilities.
A: The kind that claim to work instantly but do not actually work. They do switch the video to PAL mode but 99% of games do not work right then. A giant portion of the screen gets chopped off or other weird things.
B: The kind that does some secret magix and then resets your Amiga. Those kind actually work with all PAL games.
I have tested a gazillion palswitchers that don't actually work + a few others that do really work. I even coded one myself. I just set the beamcon bit and BAM I was in PAL mode. It was awesome. It was also completely useless. Anytime I loaded a PAL game it was all screwed up. Only using a real PALbooter that resets the machine actually works.
@FloppyEmu guys: You have been warned.
p.s. I have not read the article linked above. I assume it has all the needed infos but I am not sure.