Haha. "Even light gaming." Cracks me up. I've got a KT133A board (K7VZA 3.0) with an AthlonXP 1600+ and a Radeon 9000 and it plays everything in existence today pretty admirably. UT 2003 runs at a pretty good framerate (never had it below acceptable levels). Grand Theft Auto III seems to run a little slow when I set it a bit too aggressive, but all games are playable. And I don't blame poor framerates on the SDRAM either. It's the video card, plain and simple. If you get a nice video card, you can handle gaming. That's just the way it is. Well, with a 1.4GHz processor anyway. PC133 is plenty fast for that sort of thing, unless you REALLY need like 300fps in Q3A. Personally, I settle for 60 or 70

As for video editing, DDR is king. There's no way around it. You need bandwidth.
I definitely agree that getting PC2700 now is the ONLY way to go. Should you ever want to upgrade, you may as well pop for the extra $10 for the PC2700 and then you won't have to worry when 333MHz FSB becomes commonplace. I think the K7S5A is a fine motherboard for an intermediate step anyway. For most uses, it's very fast. It's faster than the KT266 chipset, anyway, which is faster than KT133A. When you're ready to upgrade to an XP 2800+ cheaply, the KT333/400 boards will be cheap too, no doubt.
But I also think that you could do worse than having the upgrade path the K7S5A allows for.
Now, also, I think an XP 2000+ with PC133 might be faster than a 1600+ with PC2100 DDR. I could be wrong, but rather than spending money on RAM, buying a faster CPU is also an option. There's a lot of ways to get that performance up.
I'm not entirely sure that it'll help too much to get a faster CPU though. When I went from a 1.2GHz Thunderbird to an XP 1600+, my 3DMark 2001 SE score went from 5670 to 5971, which is like 5% increase for a 16% clock speed increase. Not too good... maybe RAM is causing a bottleneck. But hey, if you want a cheap upgrade, K7S5A. Definitely. Get the CheepoBIOS and you'll have a pretty nice enthusiast-ready board.