Yes is does..
And no you "don't" have to, but generally the later bios is better/more options..
It depends on the bios version..
I have the 1003a and my processor can go 1333+(it's only a 1200C, but still)
Its another question with 1300, since it doesn't have a 13 multiplier...(at least not bios 1003a)
Just noticed in another tread, that latest bios is 1005
get it here
ASUS A7V133 Bios 1005