Original Skittle,
Here is what I'd do if I were you and really want to use the PIII 550. Make sure you get the PentiumIII 550E FCPGA (Coppermine). The FCPGA stands for Flip Chip Pin Grid Array. The CPU chip is "flipped" upside down on the substrate with respect to the Katmai SECC slot 1 processors. Thus, the core of the CPU chip is "exposed" directly to the heat sink and they cool more efficiently than the Katmai version which use a "slug" to transfer heat to the heat sink. I've read a great many articles stating that these "Coppermine" E FCPGA processors (which run natively at 100 mhz FSB speed) are good overclockers. This led me to buy one when building a budget PC last May.
If you go with the Pentium III 550E FCPGA Coppermine, you will need an Coppermine FCPGA to slot 1 CONVERTER card to plug it into your current Katmai ready mother board. I'm assuming you only have a slot 1 CPU slot on your mother board. If you shop around,
www.pricewatch.com, you should be able to locate a good converter for around $15 to $20. Don't use generic brand converters... I tried this and got hard locks after running for an hour or so. After replacing the generic converter with a good name brand converter, I've been running fine for 5 months now. I bought an MSI Master but the Slocket II or ASUS brands are good too.
So if you run at native FSB of 100 mhz, you'll be running at 550 mhz, the spec'd speed for this CPU. The vast majority of articles I've read state that folks have gotten the Pentium III 550E to run totally stable when resetting the FSB to 133 mhz, yielding a CPU speed of 733 mhz using the stock fan and usually no voltage tweaks! That is pretty sweet. I've run my Pentium III 550E at 733 mhz much of the time to boost game performance and it works fine for me. It doesn't seem to run much hotter either and some articles I've read state that there is little to no increase in temp when Overclocked. I have a motherboard monitor TSR installed and I usually see the temp stay in the mid 40s C or lower on my PC.
Keep in mind that if you are going to be setting the FSB to 133 mhz, you really should have PC133 complient memory, and use good quality memory. Cosair, Mushkin etc are top dollar memory and really only needed if your pushing the FSB to ~150 mhz. If you have PC100 memory, you might be successful overclocking to 133 mhz, or you may have to throttle back somewhere inbetween 100 and 133 FSB to get solid stability, depending on the quality of your memory.
But in general, the Pentium III E series coppermine 500-800 (all 100 mhz FSB native) are all good OC candidates and I highly recommend them.