Because notebooks are so tightly integrated, design-wise, upgrading the CPU can be a pretty iffy proposition -- even if the mounting technology allows it. The biggest reliability issue related to a CPU upgrade will be, of course, heat. OEMs generally try to run their notebooks at the ragged edge of reliability, heat-wise, because of power conservation issues. (They want to optimize battery life.) The BIOS temp control settings that were designed to work with that p233 will probably have the unit's fan(s) (God, I hope it has fans!) cranking away at 100% all of the time to dissipate the heat. And that's if you're lucky. If the control algorithm is set up to use some hokey method other than direct temperature control, your Dad could feel that he has a toaster on his lap!
If you decide to pry this puppy apart, see if you can download a service manual for it. I don't know if Compaq makes such info available to end users, but Dell and Toshiba and IBM have downloadable PDFs that document how to take the little critters apart and put them back together again. Some of the designs are ingeniously evil in that you will break some little catch or tab if you don't proceed in a certain order when disassembling the unit.
Good luck!
Regards,
Jim