First some basics: higher frequency & lower timings (both primary & secondary) increase ram performance. There is no point beyond which lower timings result in worse performance as long as the ram is stable and functioning correctly. You can see all this for yourself with a few tests in Everest. When you get into how that ties in with overclocking the rest of your system, it's more complicated. Some situations require you to loosen timings in order to achieve the overall OC you're looking for, while others are all about pushing everything to it's limit. If you're fairly new @ looking in the BIOS, the page containing the RAM parameters looks rather complicated...and it is.
My advice would be to read around then do some testing with the primary timings (primary timings are what you see on the memory tab in CPU-Z) and see their effect on system performance. Once you get a feel for those you can take it as far as you want. The main thing is getting familiar with everything, look in the BIOS and play with different settings, then run tests and see what's happening. DO that enough and you'll be answering questions rather than asking.