I don't know if the type of laptop that you have matters (it shouldn't), but I have an overclocked Pentium M laptop (Dell Inspiron 6000). The cpu was the same as yours (730 at 1.6 GHz) and has since the been replaced with one at 2.1 GHz. I never had any luck with software OC. If you look online there are several sites that can walk you through pin moding. I'd suggest this one
http://www.notebookreview.com/default.asp?newsID=3226&article=pin+mod
It is actually quite easy. Temperature is not an issue at all and it will run on battery power fine (I still get 4 hours surfing the web).
Things I needed:
-a motherboard that could handle 533mhz fsb (check with CPUZ)
-if you have a 730 than it is running at 533
-a 400 mhz fsb CPU (i bought one off of ebay for like $25)
-get one with 2mb of L2 cache
-a piece of small wire (i got mine from my clock radio antenna)
-arctic silver
-isoproply alcohol
-confidence that I wouldn't ruin my laptop
The idea is to replace the current 533 MHz CPU with a 400 MHz CPU. The pin mod increases the fsb from 400 to 533. In my case I purchased a 1.6 GHz CPU with a 400 MHz fsb to replace my 1.6 GHz CPU with 533 MHz. Pin modding the new CPU resulted in the same CPU, but with a clockspeed of 2.1 GHz. Don't buy anything much higher than 1.6 GHz. The CPUs will cost too much to make it worth it and the chip may not be stable. At 2.1 GHz you are pretty much guarenteed stability. Too the best of my knowledge intel never produced a Pentium M faster than 2.4 GHz.
Only issue I had was the site made it sound like you needed a VERY small wire so I tried to use one from an old set of headphones. The wire was too small. That was my only issue. Dell has good instructions online on how to disassemble and reassemble the laptop (if you have a dell). I was suprised at how resilient my laptop was as I disassembled it and reassambled it several times.
This was my first time messing with computer hardware ever and have since then built my own desktop computer. Been reading Tom's for a while now and figured this would be a good way to start posting.
Good luck!