Remember, there's a speed increase that comes with Froyo -- approximately 2x to 5x depending on the task.
My recommendation if you REALLY want to try overclocking?
Flash SPRecovery, make a nandroid backup, flash in the rooted stock ROM, flash in an overclock kernel from P3Droid or ChevyNo1 or any of the slew of other excellent kernel-builders, install SetCPU, and test. If you don't like it, use RSDLite to flash the stock 2.0.1 SBF file back to your phone and let the updates happen. If you do, play -- there are a bunch of ROMs that do amazing things with your phone.
Remember, there's always risk of damaging or bricking your phone. If you don't want to risk a $600 piece of equipment, DO NOT ROOT! If you have doubts, DO NOT ROOT! If you're not 100% sure of what you're doing, DO NOT ROOT!
If you try to root and you get locked in a bootloop, you probably didn't brick your phone. Seek help here and the rescue squad will do their best to help you.
If I haven't scared you away from rooting yet, go for it. If I have, let the OTA update happen and see if the speed increase inherent in FroYo is enough for you.