below 300 does not work (on my defy) ....I'm pretty sure lower is possible, but you need to change another file to display this - it's described at the overclock module site I think.
I can do 300/26 but only at 250MHz vsel 22 is stable.
Other values are:
600/32 and 800/44 or 1000/56.
you can check with
adb shell
cat /sys/devices/system/cpu/cpu0/cpufreq/scaling_cur_freq