Yes, both come into play on a stand alone dvd player when playing from the original disk.
On the computer, it won't matter, at least not for ripping purposes. You can rip the dvd to the hard drive, then convert to NTSC format.
You might want to get DVDFab HD Decrypter for ripping. This movie is unlikely to have advanced encryption, but knowing how to use this free tool may come in handy in the future. I know it will remove the region code on the movies...don't remember if Shrink or DVDDecrypter do that....will have to look that up. Anyway, DVDFab HD Decrypter is the free section of DVDFab and will continue to function even after the trial for the main part of DVDFab expires. It is also still being updated.