Instead of buying a 533 bus 1.86 I'd also spring for a lower speed 400 bus chip (1.5 - 1.7). They're great chips, and looking at peoples' undervolting results, pinmod success looks to be very high.
My 1.5, if I pinmodded to 2.0 on an appropriate chipset/board, could still undervolt by 17% on max speed, assuming linear clock/min volt relationship in the 1.5 - 2.0 range (I've plotted the relationship from 600MHz to 1.5GHz, and it indeed is linear). These Dothans are pretty incredible, especially if you get a Rev C0.