I can't believe someone more knowledgeable hasn't spoken up on this topic.
I'm no RGB expert, but here is your basic situation. The PC Engine, all of them, either has or can be hacked into having RF or composite. There are ways of hacking s-video, or component, but they require special chips and such. RGB can be pulled off the bus or right from the board, but more or less requires an amplifier because the signal strength is low.
So lets say you have a PCE modified to have an amplified RGB output...its still not going to work with most monitors. You need something that will support 240p, and unless you have an industrial RGB monitor (like in an arcade machine) an old TV made for UK/EU/JP, or a CRT that is at least 15 years old (like mid-90s NEC Multisyncs) you aren't going to be able to sync on an image that low res. If your monitor is an LCD it almost certainly isn't going to work.
Your can get an XRGB and upscan the signal into something that a modern day display can use, but after the purchase of that (£140, believe it or not, it actually a good price for one) and the RGB mod...well, I'd look again to make sure you don't have the space for a TV.
Then of course there are other solutions like LCD monitors with composite in, TV tuner cards, etc, but they all look like ass.
You best bet is a really small thrift store NTSC TV. It would cost you 20 quid and the image would still be pretty decent.