NB frequency will not help. On air this is all you will be able to do most likely. 54 degress is pushing a PII pretty hard. Personally, I have rarely seen them pass a 12 hr prime test at that speed and temp on air. The two chips that seem to have this problem are the 720 and the 940. While playing around with mine and customers to see if I could get any different, I found that it just normally doesnt work. Using the same setting I installed a cosair h50 water cooler and was immediately able to get to 3.8GHZ. Just by bumping up the multi. It ran stable for 24 hrs @47 degree load temp, at work on a cutomers machine Identical to my 940 rig. Then I tried a 720 with the same settings and hardware. Same result on air. I added the H50 Water cooler an there it was again 3.8GHZ. This time I had temps of 31 idle 45 load.
I feel that I must add that this is not for all PII 720's and 940 as I have seen some that would make it over the 3700 mark on air.