I've never been able to get over 155 stable on my 4G4A+. I realize there could be a number of factors limiting the overclock, but I've tried Mushkin PC3200, Corsair XMS PC3200 (two different sticks), a P4 1.6A, a P4 2.66, blah blah. I just think that some boards do have a limit. Our boards must be from the same batch.
I ran my 1.6A at 1.725v for almost 6 months. Just replaced it with a P4 2.66. The 1.6A is still fine, I'll probably install it into another system to keep or sell. Ive got an Alpha 8942 heatsink with a Mechatronics 53CFM 80mm fan. In the summertime (no Air conditioning) Max temp under load was about 53C. Technically the P4s will start throttling down speed at 65C+, but I never let mine get that hot. I would say as long as you're not going over 55C you should be OK. Also figure in how long you plan on owning your current system. If you plan on buying a new processor within the next year, then overclock it to the highest stable speed/voltage. In my case, I usually replace components at least once or twice a year, so pushing them to their potential is my goal.
I have an Asus P4PE on the way, which should be nice since I hear its overclockable with two DDR modules. I've never been able to run my two Corsair sticks on the 4G4A over 133FSB.