pc fsb question

Friend gave me an AMD XP 1.3 cpu and an Shuttle AK-12 mobo. The mobo has an auto-setting 200 mhz fsb. The cpu has a 266 mhz fsb. He wants me to mount the cpu for him but I don't want to fry anything. Will this cpu work on this mobo without frying it?
It will run at 1.0 Ghz. I have and AMD 1.333 266fsb and and Asus A7M266 motherboard. The default setting is 200 mhz FSB and then I can up it to 266 FSB in the set up.. Basically it won't fry the chip but it will "under clock it" and not allow it to run at 1.3 Ghz.
In theory it should be more stable - slower clock speed=less heat=good stuff