Like mnewsham said - latency is not dependent only on CAS speed.
That said, in most cases what you're talking about will work. Used to be there were tools (Sandra-something?) that would read back all the "approved" speed/CAS (SPD) settings in your DIMM's firmware, not just the single combination that shows up on the box. That'd be where I'd start.
That said, once you start running stuff out of spec, there are no guarantees.
EDIT: It's interesting to me that RAM latency is still in the 10-20ns range. I mean, okay, yeah, that's really fast, but even 20 years ago with pre-SDRAM DIMMs it was 60-80ns. I guess CPUs have spoiled me; I would have expected better than a "mere" quadrupling.
Then again, a new CPU has more L3 cache than a 20-year-old computer had RAM, period. So maybe I'm just thinking about it from the wrong angle.