i have overclocked that board earlier, Firstly i would like to know are u using a SATA ir PATA HDD, because if u are using a SATA, i am not sure of the sata controller on that board is locked, just a word of caution, just check it first or u can get screwed.
Now let us come to overclocking, if u have PATA, that motherboard will take u to 2.2 easily and maybe beyond that. as said above, lower HTT to 600 and RAM to 333. then raise the FSB, that motherboard has no voltage control, so basically u will have to be content with whatever OC u get at stock.
If u have SATA, and OC upto 2Ghz should be fine if the controller is not locked indeed, but DO NOT GO BEYOND THAT even if the system allows, of u will end up shopping for a new HDD.