Just a quick note: Games played on a system they are not supposed to be played on will result in odd behaviour of the game, and will not be accepted by SDA. The PAL game will run at 60hz, possibly giving you a huge advantage (or disadvantage) compared to NTSC 60hz. PAL (usually) gets its own cathegory on SDA, but only if it played on the original PAL console.
I have a universal games adapter v4 from Blaze. It works great for almost all games. For most systems the hz rate (speed of gameplay) is determined by the system but in the case of N64 is completely determined by the game. I think the adapter only bypasses the region lockout and changes the color to NTSC or PAL.
In terms of lag there is no difference whatsoever because it has no influence on it. Perfect Dark is a bit of an exception because of its advanced region lockout this is the only game I know of that does not work with this adapter (expansion pak is not recognised) and PAL Perfect Dark also has a bit less lag than NTSC in my experience. It probably does work with the passport cart mentioned before but I'm not sure.