Quick answer to your question, yes. It will work, but as you've stated will only run @ 266, as will the ram.
I'd install it, thna at a later date try and grab a board that supports 400fsb (for later upgrades). I'm pretty sure (not 100%) that you'll also benefit from the cache on the chip as well, so your best bet is to install.
PS: I've never actually tried running a 333fsb chip in a 266 chipset, i'm only aware that ram will be clocked lower. I'd wait for other answers before installing.
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