BX boards can run as much as 160fsb with good enough ram. Good late model BX boards that is. Earlier BX boards only had a 1/3 PCI divisor, and as such the PCI speed gets out of hand around 124MHz. Later BX boards implemented a 1/4 divisor that can get you to 160fsb. Also the board must be of high quality. I used an Asus P3B-F for two years at 150FSB, even at cas2,2,2 once I found good enough memory. I also ran as much as 160FSB with Abit BF-6's, although at cas3.
Two things are needed (besides a high quality late model board), a video card that can stand the AGP overclock, and really good ram. Video cards have been able to handle the AGP speed ever since the G400 and the Geforce256 where the hot cards. AGP 4X cards have no trouble at all with a BX at 150. Since BX is an AGP2X board, even at 150fsb the result is an AGP 3X speed. This does not challange cards designed for AGP 4X, and good quality AGP 2X cards.
Back a couple of years ago it was a challange to find ram that would make it all the way to 150fsb. But recently produced PC133 of high quality should have no problem with it. Just like cpu's, the clock speed capability of ram improves all the time as more sophisticated fabrication technologies are applied to the semiconductors.
Nothing is certain in the world of overclocking, but if the board in question is an Asus or Abit new enough to have the 1/4 PCI divisor, your ram can take it, and your cpu is stable at the resultant clock rate it will work. I don't think there is any chance that the 8500 will balk at it.