It is more probable that the ram will not work in your system at all. I am not 100% sure on underclocking ram, but someone else in here may be able to explain how over/under clocking ram works.
Everything I have read recently points to looking at better timings over higher speed.
ie : PC2700 ram w/ 2-3-3-6 timings will perform better than PC3200 3-4-4-8 due to how may cycles it takes for the information to get to and from a memory module.
Even then, if you read a lot of hardware reviews, even timings do not make that much of a difference either. The biggest timing factor is the CAS Latency. Opt for a 2.5 or 2 CAS over a 3 or 4.
Best bet - overall would be to find a good set of PC3200 (DDR-400) with decent timings - such as Patriot or Corsair or Kingston. As far as going to 2GB of Ram, you may want to rethink that, pending on what you are using your system for. A good recent review of 'how much ram do I need' is available on Toms Hardware:
http://www.tomshardware.com/2005/12/13/...uch_ram_do_you_really_need/page12.html
Hope this helps some.