Does deinterlaced video play OK on a standard TV or does it Flicker?

What exactly are you trying to do?

Keep in mind that no video watched on a standard TV is deinterlaced; in order for it to be shown, it has to be interlaced.

So, if you're watching, say, 30p on a standard TV, you're watching progressive frames being split into interlaced fields.

But it won't flicker.