Wasn't sure if anyone answered this yet, but I have a short answer for ya.
Yes, but its not ideal. I just downloaded stock footage in Pal 25fps and had to convert it up to 30fps for TV. If you import the footage into your project file at the Frame rate and size that you are going for, and pull in the footage it should still play fine in the time line. Keep the Pal Sequence settings because Premier will ask you if you want to change it when you pull the footage in. From there, render to your specs. I have done this a few times and it worked fine, so If you have any problems shoot me an email. I can walk ya through it.