Would yall run the OC at 2.3ghz and run the ram at 400mhz or would yall have the multyplier at 166 and run the ram at 333 w/ 2600+ BUT have the timings at 2-2-2-6?
The multiplier wouldn't be set to 166 man, that's the CPU FSB...
Are you able to set the AGP frequency to 66MHz? If so then you need to put it there and then adjust your CPU FSB up to 200 so it can match the RAM and then nothing will have to be underclocked. You can then adjust your multiplier to reach the same speed as stock just using a different and more optimized configuration.
If you can't lock the AGP, they yeah, keep the CPU FSB at 166, underclock the RAM to 166 and you'd need to check the SPD Table using a program like CPU-Z to see what the rated speeds are for that stick. Not for the DDR400 speed, but you can get tigher timings like you want, but I don't think you'll hit 2-2-2-6 with ValueRAM only underclocked to PC2700, it'd probably take PC2100 speeds to be able to tighten the timings that much.
Depends of course on if the chip was stock CL3 or CL2.5 though.
EDIT: For a thorough testing of the RAM you should let it run the extended test atleast 2 times for best stability checks using memtest86+