I posted to a different section some of this info but it might be helpful for you here. I'm not running the same MB, but the basics should be very similar for this CPU. I would strongly recommend not just overclocking the CPU, but also boosting the northbridge frequency to get the best result. Here's what I did.
MB GIGABYTE | GA-MA770T-UD3P AMD770
Bios : FC2
CPU AMD|PH II X3 720 BK AM3 2.8G
CPU COOL SCYTHE|SCMG-2000 (Mugen 2)
MEM 2Gx2|OCZ OCZ3P16004GK
VGA BFG|BFGEGTX260MC896OCDE GTX260
HD 1T|WD 7K 32M SATA2 WD1001FALS
DVD BURN LG|GH22NS30 22X SATA
PSU CORSAIR|CMPSU-550VX 550W
CASE ANTEC|THREE HUNDRED BK
Right now I am running Windows 7, at 3.6 GHz on 3 cores or 3.4 Ghz on 4th core unlocked, CPU voltage at 1.44. Might be able to push this further, but running very stable at that, so probably stay sane on those CPU speeds. (Except with 4th core for some reason get browser crashes, while all other software has run stable) Temps are well in hand at 28-30 C in general use such as browsing, with all cores testing at 100% I have not exceeded 41 C. Memory is currently at 1333 with 6-6-6-24 1T timing, at 1.6 voltage. CPU-NB at 2617 MHz with +.2 bump to CPU-NB VID voltage. I've gone for tighter timings and faster northbridge frequencies rather than higher memory clocks, as that seems to achieve the best performance with AM3 systems.
I think it's a burner of a system for the bucks once tweaked and overclocked. I don't know if your MB will let you unlock that 4th core, or if your particular CPU is capable of it. Some say it's a dicey thing to do so be warned. I had to have my bios flashed to the latest version to get it to work. I then enabled ACC and set it to hybrid. Poof, I had a quad core
I actually am using it with the 4th core disabled most of the time to get the higher CPU speed, but if you use multi-threaded apps much it might be worth it. Either way, when overclocking it's best to try small increases at a time, see what's stable, if you hit an unstable speed short of your goal, tweak the voltage one step at a time until either it's stable or your temps are not in a safe range (Personally I would not go over 1.5). Some people like to push things as far as possible, but the settings I shared give me the performance I wanted, and are in a range I feel comfortable as being sustainable on a daily use level. This is also higher than you should go with stock cooling of course, but you may upgrade at some point.
The 720 is a great little CPU, hope you get it dialed in where you want it