The IGP makes use of the extra bandwidth when you use dual channel. You can use dual channel with the SPP, but it doesn't provide much performance gain (essentially only DMA accesses from a hard drive or other PCI device would use the bandwidth, and those usually aren't a significant drain so they don't take too much bandwidth away from the CPU).
There can be several percentage points of performance drop using memory at a different bus speed than the CPU. It depends on whether you have applications that are affected by latency much. If you were able to get a significant overclock out of the CPU, the overall performance could probably make up for any latency penalties from asynchronous operation, but unless you're getting up to like a 166MHz FSB while using PC2100, then it's probably best to just try and overclock them both to the same speed, stopping at whatever highest speed the memory can handle without changing memory timings.
If you have a 266MHz bus CPU now, then just start saving up your money to get a 333MHz bus CPU and PC2700 (or better) memory at the same time.