Hey Mavvens,
If no one else here will help you I will with the basics.
First off, it's always a good idea to go with a very good CPU cooler when overclocking...this can make the difference between a stable overclock and a not so stable overclock just because of heat...
So go with the Zalman CNPS 9500A Led.
Next your Graphics card...
Unless you are planning on overclocking the graphics card this isn't really needed. This card won't overclock that much either so don't expect much gain from overclocking it.
To start out with relax your memory timings and drop the divider to 1:1 and go from there.
Start with a vcore of 1.3v and go from there.
If it successfully posts and makes it to Windows, then stress test it for stablilty using Prime95 and or ORTHOS.
Watch the temps to make sure it doesn't go passed the thermal spec of the processor.
Btw, you need more "detailed" info on the CPU as to what it is exactly...what stepping & revision is it? How big is the L2 Cache?
There's tons of P4 3.2 processors that are Northwood.