Increasing GPU memory speed OC will make much of of a difference in DDR3 cards vs DDR5 cards. A memory overclock makes the amount of time data buffers in the ram decrease this helps if your memory is being maxed out (like in higher resolution or mulit monitor setups) it also helps with things like things like anti aliasing and anisotropic filtering. As you turn up those types of effects the memory overclock will become noticeable you could see upto 10% better FPS though usually it will be a lot less of a difference. (like if you have a ddr5 card with 4gb vram at 1080p AA fairly low, you may not see any difference at all).
You can easily search for oc results other people have had with your specific card to see how how to overclock...