A FAST APCH WITH PF WORKING THE FMS AND THE PNF DISTR WITH CHKLISTS AND COM RESULTED IN LOC OVERSHOOT AND AN RA FROM TCASII BECAUSE OF CONFLICT WITH OTHER TFC.

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WHILE IN MVFR CONDITIONS WITH HAZE AND A FEW SCATTERED CLOUDS AND BEING VECTORED FOR AN ILS TO RWY 27R IN PHL; WE WERE GIVEN A CLRNC TO DSND TO 3000 FT (FROM 6000 FT) AND AT 3000 FT; TO SLOW TO 190 KTS. PASSING APPROX 4500 FT I BEGAN SLOWING BECAUSE OF OUR PROX TO THE ARPT AND WE WERE GIVEN A 300 DEG HDG TO INTERCEPT THE LOC. WE WERE APPROX 8 MI FROM SPEEZ AND INDICATING APPROX 230 KTS. I THEN TOOK MY ATTN TO A DIFFERENT PAGE OF THE FMC TO DETERMINE OUR LATERAL DISTANCE TO THE LOC AND WAS SURPRISED TO SEE WE WERE ON IT WITH A 300 DEG HDG. I QUICKLY VERIFIED THIS INFO WITH THE LOC AND BEGAN A L TURN TO INTERCEPT AND CONTINUED TO SLOW THE ACFT. THE CAPT WAS BUSY WITH ATC AND CHKLISTS AND DID NOT CALL THE LOC UNTIL WE HAD PASSED THROUGH IT. BECAUSE OF THE SPD AND MY LATE TURN; WE WENT THROUGH THE LOC AND WERE TURNING BACK TOWARD SW TO INTERCEPT WHEN WE RECEIVED A TA; FOLLOWED SHORTLY BY AN RA. MY RECOLLECTION IS THE TCASII FIRST SAID 'REDUCE VERT SPD' FOLLOWED SHORTLY BY 'DON'T CLB' AND THE RED LIGHTS ON THE TOP OF THE VERT SPD INDICATOR. ATC GAVE THE OTHER ACFT (I BELIEVE A COMPANY B737) A TURN WHEN THEY SAW THE 2 ACFT GETTING CLOSE. I CONTINUED TO SLOW; TURN AND DSND. AT ABOUT 3500 FT MSL WE COULD SEE THE ARPT AND ATC CLRED US FOR A VISUAL APCH. TO MY KNOWLEDGE NO OTHER ACTION WAS TAKEN. I WAS NOT ABLE TO FOCUS ON THE TCASII SCREEN FOR ANY DATA AS TO HOW CLOSE WE WERE LATERALLY OR VERTLY TO THE TFC. WE WERE SET UP HIGH AND FAST BY ATC WHEN CLRED FOR THE APCH. IF ATC HAD GIVEN US OUR POS (SUCH AS 1/2 MI S OF THE LOC) WHEN CLRED FOR THE APCH; IT WOULD HAVE ALERTED US TO IMMINENT CAPTURE OF THE LOC AND WOULD HAVE BEEN VERY HELPFUL.