what exactly would i need to overclock that to about 3-3.5 ghz?
You aren't going to get an exact answer, as it isn't even out to the public yet. But, judging by reviews to date as well as the results of some of the guys on XS forums, if you get a B0 stepping chip...you should get between 3-3.5 with air cooling, although not likely stock cooling. You will need a good motherboard as well, though 300FSB shouldn't be a problem on most. It's all still conjecture at this point.
You believe you'll hit 3.5GHz on the stock heatsink? That's very wishful thinking, but still sounds a bit high, but I guess it’s possible. Also Intel rates their TDP differently than AMD so it's not exactly the same, it should actually be higher.
3.5 on stock? No, not even for a Conroe chip. What I was saying, was that the Conroe chips won't need water cooling of even large copper based air coolers, at least not to the extent that previous generations needed them. Yes, going to 3.5 will definitly need a better cooler, and getting a CNPS9500 to be safe isn't a bad idea, but my point was that expensive, complex water cooling setups won't be needed for that kind of overclock.