PAL is a different pixel dimension than NTSC and I don't see where you are adjusting for that.
And although cinematools does a lossless adjustment of frame rate, fcp does not do a very good of scaling or retiming. Compressor does a much better job of both things if you turn on frame controls and set the resize filter and retiming to best. Doesn't seem that complicated to me. In most cases, I use Natreses standards converter which I bought many years ago and still does a great and simple job.
I'm with Michael on this.
I use Graeme Natress's Standards Converter for this within FCP if it is a small project and use Compressor feeding Qmaster clusters for something more lengthy.
Clusters make a huge difference in the performance of Compressor. I have Clusters set up on machines running 10.6.8, 10.7.5 and 10.8.3 so I know it works on the range of current OSX versions.
Digital Rebellion has a good write-up on how to set up Qmaster.
Thanks for your responses.
I am converting a 55 minute film and only have one machine which is an original power pc G5.
Maybe I will try a straight compressor conversion of the PAL MOV and see if it is better.
The method I used gives a good result but the playback is a tiny tiny amount less smooth than the original.