The lower end chips will be motherboard limited. The higher end Semprons have a high enough multiplier that you'll probably never be motherboard limited on any known decent overclockable board - unless you find a super Sempron that can run at a true 3GHz!!! Assuming a nominal 300MHz or 250MHz system bus overclock on a given board:
Sempron 3300/3400 10x multiplier = 3GHz/2.5GHz
Sempron 3000/3100 9x multiplier = 2.7GHz/2.25GHz
Sempron 2600/2800 8x multiplier = 2.4GHz/2GHz
Sempron 2500 7x multiplier = 2.1GHz/1.75GHz
The lowish 250MHz system bus is what my ECS motherboard that Fry's Electronics gives away for free with a CPU can run at all day long - happens to be the max allowed in BIOS. "Good" motherboards can hit 300Mhz. "Average" boards can probably hit 270-280MHz. This means even on an average board the Semprons with 9x multipliers will be a good match. Only the 8x Semprons may need a "good" overclockable motherboard. The 7x Semprons are hopeless.
😛
What's your RAM budget?
$69 for 1GB G.Skill CAS 3
$86 for 1GB Gigaram CAS 2.5
$106 for 1GB G.Skill CAS 2
OMG I haven't noticed that prices on "value" RAM had dropped so much. I've never owned the CAS 3 RAM but it should work. I have a 512MB stick of CAS 2.5 RAM from Gigaram and it works as advertised. I have a pair of the 1GB CAS 2 G.Skill sticks and it works as advertised.
Current pricing has the Biostar Geforce6100 board at $60 (I've heard it overclocks the same as the $10 fancier Tforce model). The integrated video should serve you well, plus PCIe for upgrades. The DFI LANPARTY board that everyone raves about is $98 and has AGP. The almost-as-good DFI Infinity board has PCIe and is $75. With both DFI boards you'd have to get a separate video card from the get-go.
I see four "value" choices for CPUs.
Sempron 2600+ 128k 8x $64
Sempron 2800+ 256k 8x $76
Sempron 3000+ 128k 9x $86
Sempron 3100+ 256k 9x $100
The best "value" choice would be the 2600+ because the extra ~15% cost doesn't give an extra 15% performance from 256k cache on the 2800+, but it all depends on you at this point. You may decide on the 9x multiplier just for the possibility of going higher than 2.4GHz.