i used to have one of these devices and it's great for newcomers who want to hack their own ps1 games, sadly my device is long gone and i have a newer psone model (no serial port at the back) i am afraid i can't help you with the ntsc problem as i never had a ntsc console to try out this feature. congrats getting one of these though, they are extremely rare.
PS3 Slim v3.55.4 CFW Rebug 1TB Internal, External 2TB
XBOX 1 with XBMC
Wii 3.2E + Cfg UsbLoader External 1TB
DS lite & DSiXL + Cyclo ds 8gb micro sd DStwo 16gb micro gd
PS2 V14 legit matrix infinity modchip
PSP slim 2006 5.00 M33-6 8gb memory stick pro duo
PSPgo with 16GB M2 6.60 PRO B10