Overclocking:
I'll start with the CPU. Are the L1 contacts open or closed? Since it's the old ceramic packaging, it's easy to unlock. A sharp number 2 pencil, good lighting, and about 2 minutes should do the trick.
Here's a good article on how to do that if you don't know how. Once that's done, mount the CPU with a good thermal paste like Arctic Silver II and that's done.
Overclocking with the motherboard is where the fun comes in. First, check the CPU temp at default so you know if your HSF is properly mounted and working well. Second, bump up the CPU multiplier in the BIOS. You should be able to run stable at around 8.5X or so. This will put you up to 1130Mhz. Go higher if you can. If it won't boot, clear the BIOS and start again but raise the Vcore to 1.80 or more. Then try to boot, repeat process until it's stable. Once you're as high as you can go, knock it down a notch and start playing with your FSB. You should be able to get it up around 140-145. After that, it depends on what HDD and other components you have. If it won't boot, you can raise your Dimm voltage to 2.55-3.00V and see if that allows it to boot. Keep an eye on your +12, +5 and 3.3 I/O voltages. They shouldn't fluctuate much below spec, if they do, you're probably reaching the limits of your power supply. While you're doing all of this, keep an eye on your CPU temps.
Overclocking translated means hotter.
The above method should give you the best CPU overclock. Generally, a higher FSB will translate into better system performance, because everything is overclocked. If your goal is reaching the highest CPU speed possible, a combination of FSB and multiplier will have to be used like in the example above. Good luck to ya!