As far as overclocking that Intel board, you may just be out of luck. Intel has a tendency to remove options that they don't want the user to play around with (they don't want a bunch of novice users fooling with things they shouldn't, messing things up, and then saying the mobo is unstable) and it's probably going to stay that way. Unless someone out there has released a hacked BIOS for the specific motherboard you have (unlikely, and if so, extremely dangerous to try), you get what the BIOS gives you. Call me crazy, but I think I remember something over the past couple months of Intel releasing some sort of software tweaking program designed for certain boards, but a quick survey of their site reveals nothing.
About the RAM timing issue, I KNOW there was an article published just a few months back on how individual RAM timing figures affect benchmark performance, but a quick google search (I don't feel like sifting through all the pages) only turns up this pretty decent quick FAQ on RAM timings, although it is pretty brief. Maybe someone else here has the article I was talking about or knows where it is.
http://www.ocfaq.com/article.php/overclocking/63
And don't knock Crucial, it's good memory for the money, definately.
If you are dead set on OC'ing that chip, I'd suggest a new motherboard. Chances are, even if you do find a way to overclock that mobo, you're not going to get all the options you'd need for some real overclocking (voltage and such).