Sup
There are alot of things to consider here.
Bios is pretty much the end all when it comes to what Overclockability you have, if the bios wasnt made specifically with OCing in mind there really isnt much you can do, so in that respect you need to look at a couple of things.
First off will it OC to 200 FSB, if so then you might have a chance here.
Secondly, you need to be able to adjust your agp/pci frequencies by one step intervals, can you do this or are the frequencies static, if so you might be ok because it wont try and dynamically overclock the frequencies, Or are they limited to certain settings only with dynamic frequency overclocking, if the answer is the later then your gonna have serious problems getting your machine to post let alone boot to the OS.
Do you have onboard hardware like a LAN or Sound if so these are directly affected by these frequencies, also your AGP card will also be affected.
Most likely you will need some sort of cooling for your northbridge if it doesnt atleast have a heatsink your not gonna make it.
You will without a doubt need pc3200, you might be able to OC the pc2700 to 400Mhz but it is highly unlikely since only the best pc2700 will OC that far.
The quality of your motherboard will also directly affect its ability to handle overclocking, Stability is a serious issue, I dont remember what brand of motherboard you said you have but, if it was an Asus i would say go for it, they are considered to be the best motherboard maker on the planet, These guys actually condone OCing, they want you to push their product, the next time you buy a mobo i suggest buying an Asus.
These are just a few things to consider, im sure there are a few things i missed, i hope it helps you figure this out.
XeeN