Nope, I wouldn't go with that one at all. Spend $5 more bucks and get the one with the KT600 chipset which will work better with a 400Mhz FSB. Check it out at:
http://www.newegg.com/app/ViewProduc...=BROWSE&depa=0
But yeah, if overclocking was my primary goal Abit would be a sound choice. For the record, my Asus A7N8X Deluxe has more features and is a bit faster than what Abit has to offer, BUT their overclocking options are far better. MaximumPC magazine used an Abit mobo with an Intel 875P chipset for their last Dream Machine for a reason - overclockin' goodness.
Edit - looks like Starfury posted faster. If you have some extra cash, get his recommendation. I didn't mention it before as it seemed like you are on a budget.