I'm interested in picking this up but I only own the PAL version. Is the PAL version viable in terms of skips etc and are runs accepted for PAL?

Any version is accepted whether its PAL or NTSC.

However, your major disadvantage of running this version is the fact that you can't use Item Duplication trick. This glitch/debug allows you to consistently keep a full stock of necessary items. Therefore, it plays huge role in this game.

Thanks for responding! I'm guessing the suggestion then is to wait and learn once NTSC is available? Is an option to grab a digital copy on PS3 using an American account?

PS2 Classic copy is always available on PS3 with American account. You can only access PS3 store (for PSOne/PS2 Classics) with the console itself.

So either you buy and play NSTC version on PS2 or PS3 one digitally which I personally recommend.

I do have a PS3, so I will go for that one digitally if that's the case. Thanks a lot for your help! :)