Enduser, the name fits you well. As obvious as it seems, it would be better to run at 133 x 11. The problem with that is the original i850 is designed to run the CPU at 100MHz on a QDR bus (400 QDR) with the RDRAM at a 400MHz DDR speed (PC800). There may be plans in the future to expand upon the i850 and support higher bus speeds and increased memory speeds with the Northwood.
Just like any CPU, the P4 can be underclocked as long as either the multiplier or bus speed can be set lower. In the case of the multiplier locked P4, the later is the option just as long as the motherboard supports it.
The difference between the 423 pin and 478 pin P4 besides the pin count is the packaging. The 478 pin CPU is much much smaller and requires less manufacturing costs.