CPU performance isn't fully dependent on the cache speed. The cache multiplier you are talking about is only for the L3 cache. Most of the time the data the CPU needs isn't in the L3 cache, it'll be in the L1 and L2 cache. These levels of cache operate at a set frequency based upon the CPU frequency therefore they operate faster when you overclock.
Now if every piece of data the CPU needed was sitting in the L3 cache, then I could see it bottlenecking performance of the CPU. However this isn't the case. CPU / cache / predictor design is very sophisticated. The branch predictor is pretty good at "guessing" what data is going to be needed and it will have it loaded in the pipeline before the CPU gets to the instruction that needs...