What that means is that you can set the regions bits. Doesn't mean that a PAL player can read and display an NTSC disc. One of the reasons for having the regions is to prevent that very problem -- you don't let a player "open" a disc that it might not read properly.
If you want to show the disc in PAL land, you have to transcode it to PAL standards before burning a PAL disc. Encore will do this for you if you tell it to.