Arduino 'Game Console'

Hello folks of the Arduino forums!

So I bet you've heard this topic before from time to time, or at least a 'video sync' topic here or there, trust me, I've looked and have been doing my research and have come across such topics here.

Anyway, I've got an online show that I've just been putting together a live show called HAXoDROME ( Seen here: http://www.youtube.com/RET80 )

I've been working slowly in achieving what would be a very simple Arduino console to start, I began using the TVout libraries that produce a monochrome signal by variation of television luminance (like that of old TV sets) and I've heard over and over again that the Arduino itself cannot produce a color video signal, its clock just cannot meet the tight requirements for NTSC signal, although some have tried it using PAL with an overclocked Arduino at 20MHz but I want to steer away from any overclocking because I just love the Arduino IDE and loader and if I overclock, it wont work.

So that means I suppose I'll be looking at external IC clock generators to produce and NTSC signal? If anyone has suggestions on how/what I should look for that would be awesome

Or would a VGA signal just be the 'better choice' for a stock 16MHz Arduino.

I'll be using the MEGA ADK, just FYI.

Thanks folks! Hack on!