I'll probably tend to agree with Paradise Lost here.
But, to answer your questions, it's not necessary to reinstall Windows with a new motherboard, especially XP, because it could probably handle reinstalling all those chipset drivers. However, for stability reasons, I like to reformat with major hardware installations just to make sure there aren't any conflicts.
I currently use a ASUS P4P800 (Intel 865PE chipset) with a P4 2.4C. Performance-wise on motherbaords, you have to look at the chipset. You'll have to look around the internet to see how the Intel 9xx chipsets are working out, but my trusty 865PE chipset works just fine, especially for the price. The 875P chipset is faster, but alot more expensive.
Overclocking-wise, I can take it up to 3.0 GHz on stock cooling, albeit with some moderate case cooling, even with my new weak-ass Vantec Stealths. You just have to make sure to get some decent memory, because even if you adjust the FSB/memory ratios it's touchy, so you can't overclock the memory too much. Could be just my memory, which are 2x512MB Kingston HyperX PC3200. So yeah, those P4 2.xCs are excellent overclockers.
Temperature does not affect performance, only stability. So, if you can get your processor running faster but hotter, it's fine as long as it doesn't start crashing.
Overall, I usually overclock just for fun. The performance gains aren't worth it next to stability and possible hardware lifetimes. But, I don't seriously overclock anyway. If I had good cooling I'd probably run it at 3.0 all the time. But my house is too damn hot as it is without the extra several degrees the CPU is pumping out overclocked. That's why I agree with Paradise Lost. If you take a look at Anandtech.com's buyers guides, you'll see they don't recommend the old P4s anymore, since you can have Athlon 64 systems at reasonable prices nowadays. I hope this answers your questions, sorry for the long post.
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Bye.
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