is it possible to do this setup:

PAL CAMERA <---> PAL/NTSC Encoder <----IP---->PAL/NTSC Decoder <---> NTSC Monitor.


??

Here you go.

http://www.lenexpo-electronics.com/ATLONA-MULTI-SYSTEM-PAL-NTSC-VIDEO-CONVERTER-p-16318.html

Rooney's solution is much better than using separate encoders and decoders - it's cheaper and the quality will likely be higher.