P4s run hotter and can handle more heat Threepwood so I would say ya go ahead and try to OC that baby. You mainly increase temp when you raise voltage so you may get a decent OC without raising your temp much if you aren't required to increase your voltage by a lot.
Unless you are like me and you can't stand having something that isn't pushed to the limit

lol I am going to try to hit 3ghz with my 3700 sandy this week when my heatsink and ram arrive tomorrow
If I were you I would get a top of the line heatsink and try to push that biznitch up to 4ghz