Your RAM can run up to 1600MHz when overclocked. At stock, the setting is 1066. The reason why you're seeing 534.5 is because your RAM speed is the bus speed multiplied by the RAM multiplier (or ~ratio). Your ratio is 2:8 (which is a 4 multiplier) and your i7 base clock is 133 MHz. So, 133 MHz x 4 equals 532. The formula is concrete, but the actual readings may vary, thus you seeing 534.5.
For best performance, it is better to run the FSB:RAM ratio at 1:1, but there is no harm in other configurations.
"The other settings" are called Latency or Timing. These figures represent the time (in clock cycles) that information is processed through the respective fields. The timings are represented as follows: 7-7-7-20 (CAS, tRCD, tRP, tRAS). 1T is the command rate. For an explanation, consider this post:
By overclocking your RAM. Get into your BIOS and manually configure the DRAM settings to match what is shown on the manufacturer's packaging. You can also find this info on the stickers affixed to the side of your RAM.