You need top find the best mix for your memory and your RAM. In general, you will see much more of a performance jump from X percentage of CPU speed increase than you will from X percentage of memory speed increase. If using a lower memory divider lets you push your CPU considerably faster, then go ahead (even 100 or 200 MHz more on the CPU will probably be worth the use of a divider).
In the end, only you can tell by experimenting with different speed combinations of CPU and memory.
EDIT: just noticed you said a higher divider (normally we call this a multiplier). That leads me to beleive you're running an Athlon XP system. In that case, no, stay at 1:1, even if it means you're running the memory slower than it's capable of.
BTW, this is why it's good idea to list the details of your system when you ask specific questions like this. Hope I haven't been to confusing.