Uh oh. I'm a moron. I forgot something important. I think I fried the CPU a few weeks back. Here's the story.
I needed to change the drives around because a burner was working badly and I couldn't get DMA on (Win98). So I opened it up and isolated the burner on its own IDE connector. That worked fine, DMA on, everything purring.
I closed it up and started burning a CD. Then switched the monitor to my main machine (Belkin switcher) and started playing a game demo that came with my new MSI video card (4200). I noticed a beeping that I figured was coming from the game, then realized that it was coming from the 1200 (happily burning a cd). Well, that wasn't the only thing it was burning. The beeping was from Motherboard monitor which was freaking out over the heat.
I pulled the plug.
Seems that the 4 wire power cable that floppy drives use had lodged itself into the fan blades of the Swiftech A462 monster HSF so the fan wasn't turning. After it cooled down I booted and everything seemed ok, so I breathed a sigh of relief and forgot about it.
So that's why it's running at 600. Now the only question is whether I damaged the CPU or just melted the L1 connectors (rear-window defroster gunk). I lean toward damaged connectors because I don't think the CPU would work at all if it was fried.
Ok, time for an operation. Best check my supply of Artic Silver...