Overclocking anything will shorten the life of your hardware, but some things are more sensitive than others. You can probably OC your RAM until it screams for mercy, and it'll survive long enough that it'll be outdated by the time it dies. Same with the CPU. Video cards are relatively tolerant of high AGP clocks. However, your PCI bus is different. The HDs are the main thing to worry about, since high PCI clocks can eventually lead to corrupted data. You might not even notice it until you go to access a file from 3 months ago and it's no longer readable. Or, programs start going to hell. Eventually, it can lead to drive failure. Now, if I fry a DIMM while overclocking, it's not that big of a deal, since I can just buy a new DIMM, but my HD is BAD, especially if I haven't done a recent backup (though I try to keep most important stuff backed up.).
39MHz PCI is way out of spec...almost 20%. I'd try to keep that around 36-37MHz tops. If you can go for a 145 FSB with a higher multiplier, I'd do that, although quite a few people around here run 150 FSB, but I'm not comfortable going that high. If you can, try and get to 166 and LOWER the multiplier a notch, if your RAM can handle it. If your mobo supports it, it'll switch the PCI/AGP dividers and you'll be in spec for them.