The faster P4 processors are not as overclockable as the 1.6A, as they have a higher CPU multiplier. With a 2.4 processor, you might get a 400 to 500 mhz overclock, whereas with a 1.6A, you're likely to get a 600 to 800 mhz o/c (maybe even up to a 1.0 to 1.1 ghz o/c with good cooling and a good mobo).
Not to mention the fact that you'll get better performance from a 1.6A overclocked to 2.4ghz than from a standard unoverclocked 2.4ghz processor because the o/c'ed 1.6A is running at a higher FSB and thus has higher bandwidth.