I tried to do that, but the picture lost "color" and just went to different shades of grey.
The music was okay though.
Sounds to me you are using a very old TV that can't handle 60Hz.
Another possibility is that you're using an RGB cable, but I believe that would give you a red image (that's what it did for me iirc).
Edit: is there a way to get OoT NTSC to run normally on a PAL Wii without region changing? I believe injecting it into Sin and Punishment works, because that game is 60Hz even on PAL.