Try a different TV. If the video out has no color burst, the TV supposed to go into forced B&W only mode. It could be bad firmware in the TV which doesn't respect old fashioned B&W NTSC signals. This doesn't necessarily mean a B&W movie/TV show inside a color NTSC signal, those broadcasts take special considerations to avoid coloring around the edges of vertical black / white angled line patterns which would cause purple/green crawling color patterns.
If the output of that chip is a color NTSC signal, then you need a TV which better decodes 240p, the most likely video mode of that IC, not the standard 480i which the TV's color comb filter was designed to operate with.