I'm here to answer all your questions...Don't worry about your motherboard, it will do...Right now you are over clocking via the FSB(front side buss). The problem with overclocking that way is that you are virtually overclocking your whole system..video card, memory, sound card etc....and those items, especially memory usually are not rated to go much higher than their default. So whats a guy to do to get his Classic Athlon 700 up and above 770. First, Roadrunner is right,your gonna have to get a GFD (Gold Finger Device) and they run about $20 -$30 and then your gonna need some good cooling and I would suggest an Alpha P7125 heatsink and fan they run about $30 as well. If you goto this site:
Overcloking and GFD basics , this guy explains the basics of overclocking and the GFD in easy terms and if you are interested in getting a GFD he has a good one there you can purchase.
After you get your GFD and HS/F (heatsink/Fan) you will have to remove the plastic cover that surrounds the chip, this is actually not that hard to do and the Highspeed guy goes over how to do that too and you will also find that your chip will run cooler anyway. Then I would take the FSB back down to default speed of 100, right now your at 110. Follow the GFD instructions which are a snap to follow. Reseat your CPU back in the slot and your ready to go...
I hope this helps..if you need more help just PM me or email me...will be glad to help..