I have an Asus A7pro KT133 motherboard (with only 100MHz official fsb support) and 1.33GHz Tbird with 266MHz FSB (10.0 x 133MHz). As a default, the CPU ran at 1GHz (10.0 x 100MHz). As just about all 1.2GHz+ Tbirds, the CPU came unlocked, and I managed to raise the multiplier to 11x chip (1->1.1GHz). Currently I'm limited by my cooling solution (a crappy Celeron/P3 fan, 70C stress temp) so I won't clock it any higher and closer to the rated speed just yet.
So to sum it up, a 266MHz FSB CPU will run just fine on a 100MHz FSB, KT133 chipset motherboard. If the chip is unlocked and the motherboard supports multiplier manipulation, you'll most likely be able to raise the clockspeed up to a point where the CPU is not even underclocked.