As I´ve promised at DCForums.co.uk, I made the Shenmue Save Converter so you can load your completed Shenmue 1 save on Shenmue 2 PAL.
Download the beta version: shenfix_beta.rar
If someone wants, burn the selfboot image (Padus DiscJuggler .CDI) and try it out.
Some notes about it: you might notice the logos and screens saying ´VMZip´, but dont worry, its because I didnt have time to make new screens for the beta.
Using the converter is pretty simple: browse and select your Shenmue 1 savefile, press “A”, and then select the destination VMU to save the fixed PAL Shenmue save.
My suggestion for beta testing: save the converted file in a different VMU, so you won´t overwrite your existing (and WORKING!) save file.
If it works nice for the “beta testers”, then I can do a proper ´official´ release. 
I hope to hear your comments, c ya!