Latency is how long it takes to find a location in memory, the speed(mhz) is how quickly the data can be transferred. Memory have small buffers and reads data in large chunks.
High bandwidth memory is great when you're sequentially accessing memory, low latency memory is great when you're doing random memory access. Most computers have a mix of both random and sequential. Modern CPUs are pretty good at hiding latency with advanced memory pre-fetching and many threads. There are some cases where one or the other is more important.
I generally don't care much about overclocking anymore because gone are the days of doubling your clock rate doubling your performance. Now going from 3ghz to 4.5ghz increases your performance by 15% in most cases and your electricity use triples.