Your Corsair is Revision 1.1? or Rev. 1.2?
Your memory performance will be hampered by adding a slower-speed stick. If your Corsair is indeed running DDR400+ with 2-2-2 timings, I wouldn't recommend adding slower PC2700 to the mix. You most likely would be forced to lower memory speed significantly, and maybe loosen timings.
For a stop-gap to gain more memory it's fine. If your motherboard supports it, then it should run in dual-channel (if not, then it won't). Your overall computer experience will probably be better with 2x256MB then it would with a single stick of 256MB. But it won't be in it's best spot.
If you could splurge and purchase Corsair PC3500C2 - which comes with Winbond BH-5 chips (if you can find it) - or Kingston HyperX PC3000 (which hopefully comes with BH-5 chips) or Kingston HyperX PC3200 (Non-A; w/o an "A" in the product code - ie. KHX3200/256, NOT KHX3200A/256) it would allow for you to keep the FSB/timings you run now while giving you 512MB of total memory.