As of a couple of months ago, 166 FSB is present in the Cheapo BIOS, but the statement in the FAQ is that no one has got it to work. When you select it, the mobo won't boot even if the memory is set async slower. That's what happened to me. I could not even test the memory speed at 166 with Memtest either. Since the memory is 133 CAS2, it isn't much of a stretch. It'll work a little short of 166 though (150?), at least it did for me. What the alternative BIOS does is unhide the hidden FSB/memory selections that are already there, and evidently 166 has not been tuned in the original enough to work.
Now it looks like somebody has found a way after all. Does that HyperX work at other speeds?
I know people want support for the CPU in the BIOS, but in the case of Athlons, they all work the same way, and therefore really should work (no garantees) provided you set the FSB appropriately even without individual BIOS support. In the case of Intel, there is some kind of "microcode" update that is present (although maybe not viewable) that should be taken care of (with an Intel utility), but I never saw anyone mention that for AMD.