Crucial doesn't make CL2 PC3200 (or CL2 anything).
There is a slight performance difference, but it depends on exactly what applications are used, and often isn't even noticeable except in benchmarking. If you can get CL2.5 for much cheaper than CL2, do so and you'll be happy. However you may want to check the other timings as well. You may get better performance using lower speed memory with better timings, than faster memory with worse timings.
For example, your CL2.5 memory is probably rated at 2.5-3-3-6. I can't find any proof of it, but that is the sort of standard for CL2.5 memory. You'll probably be able to run it just fine at CL2 though, but the other timings won't get much better because the speed is already so high, changing the timings will affect stability.
If you can find 2-2-2-5 rated memory for as low a price or slightly higher, you'd probably get better performance from that. Depending on your actual system, you may be able to use PC2700 with better timings.
I just searched and the first review I saw used a TwinMOS PC3200 512MB module and couldn't get it stable unless they used the most conservative timings possible, or increased the memory voltage to use better timings. But then another review got to 414MHz without any stability issues.