I have question the electric distribution power system is works on?
Almost certainly not. First, a frequency conversion is going to cost a fair amount of energy by itself. Second, the lower frequency will make many things work poorly, especially transformers that arent designed to work at the lower frequency. Motors will run slower, and almost certainly will draw more current. Capacitors will draw less (maybe good), but power supplies using capacitors will have more ripple. Heaters wont change their usage at all (at least to the 1st order). Light bulbs, especially fluorescents, will flicker more (and they are already pretty bad at 50 Hz). Not a good idea:(.