Yeah the newer RAM has looser timings, thats one of the ways they get it to run those speeds & Yup that Corsair is CAS3 rated @DDR466 speeds, it'll most likely run DDR466 @CAS2.5 after a good burn-in.
XP2600+ Mobile will have no problem running XP3200+ speeds, more like 2.5-2.6Ghz and higher.
I'd set your rig to the Expert & 11-3-3-2.5 timings @166 or 200FSB and save and shutdown, then pop in the new DDR466 sticks and fire it up. The new sticks will then be running which ever FSB you choose and the 11-3-3-2.5 timings and should boot with no problems. Then you can start messing with OCing and settings & timings.
Remember to use Memtest, Prime & Sandra to check for stabiltiy and MBM5 to monitor your system specs. Make sure you have a good HSF as things are going to get a little bit warm for a stock one.
Regards, Balrog