First of all, running a 266 FSB chip on 200 FSB board will result in less Mhz unless you unlock the CPU and change the multiplier..
Secondly, lower FSB speed affects performance negatively. The difference can't be called huge, but it's definately noticiable (why else would the manufacturers trouble themselves with higher clock speeds anyway)
Motherboards and DDR RAM are quite cheap atm, so I'd get an AMD761 based or even better, KT266A based mobo when upgrading.
If you want to save money, get only a CPU - but notice that running it lower than default FSB without unlocking it will drop your clock cycles from 1.2Ghz to 900Mhz F.E.