It's a socket 754 system so no dual channel.
What about this instead:
Sempron 3100+ - £77.00
TwinMOS PC3200 DDR-DIMM 512MB CL2.5 - £47.00
Abit KV8 Pro-3rd Eye Mainboard S754 K8T800PRO - £64.55
TOTAL: £188.55
I know the Abit mb only has two memory slots, which might not be good for you, but it is a good oc'ing mb. It even has a working PCI/AGP lock like the NF3 boards. When you have enough money, you can get yourself another 512MB stick. With the 3100+, it's only a 166HTT cpu. More likely than not, if you run the thing at 200HTT, you've got 2.2Ghz there. If you can manage to run the RAM higher than its' rated speed, then everything then is just a bonus.
Take a look at how well
X-bit labs managed to oc their 3100+.
EDIT: Only downside to this setup, no 64-bit extensions. However, when a 64-bit Windows come out of beta, prices for A64 S754 CPUs should already be much lower than what they are now and you can upgrade then.