It really depends on what your pci/agp dividers are set at for your mobo. Your AGP is always 2x the PCI, so say you have your Pci divider at 1/4 then you are looking at 39Mhz for the PCI(which is a bit high, but should still work) and 78Mhz for the AGP. This would be an overclock to the PCI/AGP and might speed up the bus, but also might make a bit unstable. If your PCI divider is at 1/5, then your PCI is around 31.2Mhz which is closer to spec of 33Mhz, but it's an underclock and you might be losing speed over your bus. It's probably more stable here though than the aforementioned config.
The sweet spots are 133 and 166 cause it essentially doesn't alter your PCI/AGP bus and you are within spec this way.