It depends. If you get a faster value select memory stick (PC3200) but run it at PC2700, it may get timings close to XMS3200OC2, for instance. As you fill more memory banks, and run the memory faster, timings suffer.
For example, the question is, will the value RAM that is rated at PC3200 and CAS3 run CAS2 if you set the board to PC2700 (166MHz) speeds?
In a best guess, I'd say that you need to try a value stick that is rated one bin higher than you intend to run it at, or stick (pun intended) with the XMS stick. If you use XMS, you at least know if your memory is most likely not the issue when you try to overclock, but with value RAM you may be always casting a sideways glance at your RAM.
I have 1Gig of XMS3200OC2 (2 x 512Meg) and 2Gig of PC3200 value RAM (2 x 1Gig). I am going to see what timings I can get out of the PC3200 value RAM at PC2700 speeds (I use an Asus P4PE with a 3.06GHz 533MHz FSB CPU). I don't know the answer as I just got the value RAM for evaluation. But, if it works, you can max out the board with 2GHz for a reasonable price, and decent timings at PC2700 speeds. Or, use either set of sticks and upgrade the CPU to a faster 3.2GHz 800MHz FSB CPU.