I will be collecting information I'm gathering while testing the differences between the formats here. As some of you may know, the in-game times will differ greatly between the versions.
- NTSC timer runs at ~98.87% speed vs. real-time
- PAL timer runs at ~83.42% speed vs. real-time
PAL not only has a timer that runs significantly slower than real time (giving a lower IGT than the run's real-time length), it actually also has higher top un-boosted and boosted speeds. This causes a major difference in times between the versions, with PAL both running faster and giving lower IGT readings than real-time.
As far as I can tell, it simply isn't possible to fairly compare times from the two versions - even if you were to do some kind of conversion.
This isn't useful for direct comparison, but timer conversion process from NTSC to PAL is to multiply by ~0.8437 or ~84.73%. PAL to NTSC should multiply by ~1.1852 or ~118.52%.