Installed everything and it booted fine and works fine. Just by itself it is a much faster CPU and is running at 14 deg with the fan. I can change RAM speed and other settings but specific ones for oc'ing seem to be disabled (ie FSB, disable Cool-N-Quiet, etc). While researching and troubleshooting on google, I stumbled upon a thread in Gigabyte forum
where they say that sometimes they disable some features in the BIOS in order to make room to support more recent chips. The guy inquiring in the Gigabyte forum had a px4 940 so I'm not sure if I'm having the same problem or if it's something different considering I'm using a different chip. Btw, I'm a total noob at oc'ing, so that should be considered too.
I know the CPU is supported because it shows up in POST and I've verified the speed with CPU-Z.