The most that chip would do is 600, and thats under ideal conditions. Rarely ever met. You most likely would get up to 550, but don't know if your mobo is set up to overclock it that way, i.e. 5.5 * 100. You might have to give your core voltage a bump up slightly, but try it first without.(Sorry that mobo doesn't have core voltage adjustment) added several minutes later after doing a little looky into mobo info. You should get a good heatsink and some thermal compound (recommends Arctic Silver its the best).
If you can afford the P3, then that is best way to go. Then later you can get new mobo that will let you overclock that baby, maybe to 800 or so. 🙂
P.S. you will need PC100 memory at the least.