> The PPU sends out 240 line frames 60 times per second to an NTSC monitor.

This is partially correct. The PPU actually sends out a total of 262 scanlines per frame, but only 240 of them are visible (the others are part of VBLANK)

> The NTSC standard draws 262.5 lines 60 times per second, odd lines first, even lines next, and so on.

Nearly all NTSC television sets are capable of rendering a non-interlaced image consisting of only 262 scanlines per frame (312 per frame for PAL); if you look closely, you can see the gaps between the scanlines.

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