Depends. The ideal would be to have both. The AMD chips, with the onchip memory controller, do better with faster timings. Much past say 3-4-4-8, I am not really sure you will see better performance from more bandwidth. Since most chips are not limited by DDR400, what benefit is DDR500 or DDR600? For AMD chips, the wiser action has been to get faster timings as close to DDR400 (or above) as you possibly can.
As for questions "Like am I better off with 200Mhz at 2.5-4-4-9 2T then 185Mhz at 2.5-3-3-7 2T" the answer would probably be that they are so close that you probably wouldn't notice the difference. Timings usually only will effect performance in the 1% to 3% range given the same bandwidth. Small stuff. I think you would notice a difference between fast DDR400 ram (2-2-2-5) and ram that is running DDR400 at 2.5-4-4-9. But not a huge difference.
Yet, if you can push the CPU speed far enough, it might even overcome any slow timings; provided you use some elaborate watercooling setup or phase-change. In such systems, CPU performance is king.
I know this really doesn't answer your question, but in truth, the only way to find out is to run "real world" applications on your system. Like how much time to load a particular game or to burn some media to disk.
On my system, I have a San Diego 3700+ (2.2Ghz) overclocked to a stable 2.8Ghz. Since it is a single-core chip, and I not a huge multi-tasker or "power-user", I knew I would probably never bump the ceiling with a DDR400 bandwidth. Thus, I opted to overclock the CPU but not the memory, which is why I use the 166 divider to keep my memory at DDR400 with the overclock. (255x11=2805); 166 divider = 2805/14 = 200.35 or DDR400.
Does ram frequency have a precedence over the timings? For AMD, most of the time no; for Intel systems, yes. On the AMD side, you will find advocates for both positions, but most people will tell you to go for the faster timings. I, for one, am solidly in the faster timings camp.
AMD's own designs testify to this fact. While Intel went to DDR2 (much higher bandwidth) some time ago, AMD remained with DDR and a standard of DDR400. Why? Because their own testing confirmed that DDR400 was absolutely sufficient. Higher clock speeds on chips has not changed that recommendation. The FX series of processors do just fine with DDR400. In the end however, you'll have to convice yourself.