North American LG BH200's don't support PAL period and thus will spit the disc out saying "No Disc" regardless if you've applied this Multiregion hack or not.
European/Australasian LG BH200's support PAL and NTSC so once you've applied the MR hack you'll be able to play any DVD, except RCE encoded ones which require you to change the region of the player to the specific region first. I don't consider this an issue as RCE has only ever been used on R1 DVDs and then not very often.
There is no such thing as RAW PAL or RAW NTSC. NTSC is NTSC and PAL is PAL.
The MR hack and PAL/NTSC compatibility aren't connected in any way shape or form. They're two entirely different sections of DVD/HD Players. If a PAL hack does come it will be a secondary hack to the MR one.
But yeah, it looks like voltage is another issue. Does the US one really only take 115v? I'm not keen on using a voltage converter is all.
Most DVD/HD Players can only operate in 110-120v or 200-220v and thus require a voltage converter. I've seen a few cases whereby all you have to do is open the case and change a tiny transistor on the Main board so it now supports 210-220v (and visa versa), but I personally wouldn't want to risk doing this.
The PS3 is the only HD Player I know that is dual voltage and Oppo DVD Players are the only DVD Players I know of that are also dual voltage.
A voltage converter is generally a perfectly safe thing to use, it's quite common to import a USA Player and use one.