Well, the IIgs monitor *is* a standard NTSC composite monitor, but the author of that article hacked it to accept the higher scan rate. Undoubtedly it's possible to do that with other monitors, but, yes, you're unlikely to run into "just any" composite monitor that's willing to take it. There are some "multisync" composite monitors out there, mostly designed to handle both PAL and NTSC signals, but the Mac's output signal is going to be way out of spec for PAL as well so I doubt many of them will be forgiving enough to handle it.
Just to note, it's actually possible to get monochrome Composite Video out of a VGA card using just a few resistors; I built one of these adapters on a lark once. The thing is you have to use a driver to reprogram the VGA card to output an interlaced picture at NTSC scan rates. Alas there's no way to reprogram the Mac's video hardware (short of attacking it with a soldering iron) to be more friendly.