According to the Asus website you can only run the katmai core PIII's that have the 512KB of L2 cache. These processors have a higher core voltage than the coppermine PIII's (1.65V I think). The problem with the Asus board is that it cannot set the voltage low enough for the Coppermine's. You must have a Katmai Core.
I have been trying to find out if anyone has tested an Abit Sloket !!! with an Intel FCPGA coppermine processor. The Sloket !!! says it has voltage regulation control between 1.3 and 3.5V. This leads me to beleive that you could put one of these slokets and an FCPGA cpu into the P2B board and it would work fine. Not 100% sure it would work, but it might be worth a try.
I made an expensive mistake when I bought my bro a P3 700 coppermine for his P2B. It didn't work, but his board was revision 1.02. I have heard that a board revision 1.12 and bios update 1011 will do coppermine, but I am not sure about version 1.10. The slocket idea may work too. I have heard of that being done.