A 110>220 (120>240, call it what you will) transformer is VERY READILY available from most back street electronic shops.
There are some quite small ones, going for around US$50 (£25) that will handle something small like a fax machine - but they do tend to get a tad warm if left running for too long.
I have a couple of really chunky ones - a very tidy looking black thing, and a real scruffy beaten up industrial thing - but something in the region of $80<100 should see you running absolutely ANYTHING less than the kitchen stove.
I ran a UK Pro-Logic surround sound amplifier from one for the last eight years. The transformer is still going strong, but the rear amplifier has blown in the surround sound so the system has been replaced by a local one (that only wants 120volts).
I certainly would not go down the 120vac>12vdc>220vac route unless you have lots of space behine the cupboards to lose it in and a big fan to keep it cool unless you want to make toast.
As said - the BIGGEST problem would be the NTSC>PAL switching. Depends on the receiver.
I know a lot of UK video equipment will show an NTSC onto a PAL screen but I'm not sure I'd want to run it permanently.
There are, of course, video converters available, indeed I have two of them stored in my closet - but, although I've not tried it, I doubt very much that they can handle High Def.