It sure will..it's a pretty good board..I would recommend doing some research beforehand to ensure it has all the features you want..all P67 boards will overclock that chip..just depends on how high of an overclock you want..
That board does not have the voltage options necessary to overclock. They are disabled and will not show up in the BIOS. Even the Pro version of that board doesn't have the necessary options.
Going with a cheap Micro-ATX board will get you nowhere. You need to spend a bit more money to properly overclock a Sandy Bridge CPU. If you absolutely need a Micro-ATX board, you'll have to find a different manufacturer and check the site to make sure the options aren't disabled.
To find out what options the board should have for overclocking, go to ASUS' site and look at the page for the regular P8P67 board. Click on the Specifications tab and scroll down to the Overclocking Features heading. See all those voltages listed there? (vCore, vCCSIO, vCCSA, etc.) That's what you need. The two Micro-ATX P67 boards that ASUS sells won't overclock worth a damn.
Which model should you go for? That depends on whether you'll be doing SLI/CF or not, how many SATA3 6Gbps ports you need, how many USB 3.0 ports, and whether you need IEEE-1394 (FireWire) and/or Bluetooth connections. All of the ones I listed have good quality power systems, certainly enough to overclock any Sandy Bridge CPU to its multiplier wall. It's the extras they pile on and whether or not you actually need them that will determine the final choice.
I went with the fairly basic ASRock P67 Pro3 (at the time it was $124), and I haven't regretted my decision. It overclocks my 2500K to 4.8GHz and has no problems with the 12GB of RAM (one 2x4GB kit and one 2x2GB kit) I have installed.