Yeah, I once made an UI for one of the tools available to convert PMF to AVI... But I don'r recomend using the AVI format since most coverters will have problems creating AVI's larger than 1 or 2 GB. Your best bet is to demux the MPEG-2 stream to a raw m2v file.
Speaking of time travellers, I've just had a look at that game... It's not really a romhacking challenge... It does look pretty good, though.
EDIT: A pic of the game... Showing how foul mouthed Vanille gets in this game. Warning, bad words ahead lol:
Texts use a serialized XML format. We could actually exploit its ability to put small characters above each word to translate the game to two languages at the same time lol.
~Sky