I have this same heatsink on a P3@1050Mhz, and temps are right around 41-42C with very good case ventilation(26C MoBo temp). I'd say you could run this combo if your ambient temps were low. If the ambient temp ever rises up high or your case ventilation isn't awesome, I'd say you could run into some problems.
It definitely won't let your chip fry, so you can always try it out. You'll probably just have high full load temps, and at worse you'll get a BSOD or lock up from the heat. Then you can always get a stronger fan like a YS Tech 26CFM that will definitely handle the heat load.