If multiformat VCRs with converters weren't available at a price I was willing to pay, I'd see if it was cheaper on eBay to get a PAL VCR (making sure it worked on 60hz power) and a PAL-compatible video capture card for my PC. I'd use the PC to watch the video rather than needing a seperate converter. Not as good as my first solution but probably cheaper since you are buying components which are readily available in Europe and are produced in large quantities, as opposed to multiformat VCRs which are pretty much a specialty item.
Then, once I was done watching, I'd consider cutting my cost by reselling the equipment on eBay