Yes if you're increasing the FSB and keeping the memory in synch, then 400MHz modules would have more capability to clock higher without reducing timings, assuming it's quality DDR400 that doesn't have reduced timings for the 400MHz speed in the first place.
I.e.: If you get a module rated for 400MHz 2-3-3-6, it'll probably do 2-2-2-5 at 333MHz, but if you start going higher it might have to be timed back down to 2-3-3-6. If your 400MHz module is rated for 2-2-2-5, it'll do that and better at 333MHz, and still be able to maintain 2-2-2-5 as you go over 333MHz. A 333MHz module rated for 2-2-2-5 might need to be moved to 2-3-3-6 to go higher, but that's no worse than the cheap 400MHz module would have been.
That's why I call cheaper highspeed modules with relaxed timings "overclocked" memory. Even the highest speed Corsair memory is overclocked in that sense, they're rated at 2-3-3-7 for the PC3500 memory, while PC3200 is 2-2-2-6 at the lowest and PC2700 is available as low as 2-2-2-5. The chips used are still a better chip as far as yield, but still they need to relax the timings just a tad to get real stability and reliability at the higher speeds.