I'd rather go with the CeleronD 374 I mentioned before if it can make 4.6GHz because a well-performing P4 for your board will cost you twice as much as the CeleronD and perform even worse than the 4.6Ghz 347. In this case, you're only overclocking the CPU and nothing else, so why worry about it if the chip will make it to 4.6GHz; You can even try with your actual CeleronD,... if it is clocked around 2.53 and 2.66GHz, you have good chances of squeezing a good 3.8-4.0GHz frequency out of it and with a $15-20 cooler like the AF7PRO, you're putting no stress on the CPU at all. Celerons are known for these kind of overclocks. I used to have an old FSB533, 2.0GHz Celeron on a board that supported FSB 400 and 533; moved the jumper from <auto> to <533> and I had a 2.66Ghz celeron, perfectly stable, stock cooler that served me for a good while before I sold it.
Then,.. why buy a $100+ P4 when you can grab a X2 3600+/motherboard combo at newegg for early the same price?! Spare that money for your next build because a P4 has always been a not-so-good choice; now it's a terrible one to waste money on that chip.