It might work but if it does, it will be underclocked. If you find a 2.53Ghz chip with a 133mhz FSB for example, it would have to run at 1.9Ghz. It gets worse if you put in a 200mhz FSB CPU as it will only run at half the speed.
None the less, you can't take for granted that such a CPU will run reliably with such a motherboard.