I use to run a 2.4B / 533FSB in an AI7 using the 4:5 feature with 2x 512MB Corsair XMS3500 Winbond BH-5.
Highest obtainable with low latency was 180FSB / 225MHz memory. I did notice a huge jump in unbuffered bandwidth and large increase of 3dmark scores with 4:5 when compared with the 1:1 setting.
What I am saying, it works, yet I believe you must be careful, since I would believe the chances of overclocking the FSB to higher levels with the 4:5 setting is less than the 1:1 setting.
There is a bios editor to to this, I have in fact already enabled the extra setting but never used the bios in fear that I may not be able to reset the bios. I have now deleted the file in case I used it accidently.