make sure the current bios doesn't have any incompatability issue with raising the fsb. read the bios's information and see if there is. if there is, then update the bios. if it dud't, then i recommend you don't update it.
raising the Vcore alone may not help you overclock your memory. i'm not familiar with your board, but see if you can raise the memory voltage or Vdimm a notch or two. it may help you gain higher system bus speed.
your 1600+ may reach 145fsb-150fsb. after that you may need to unlock the processor and drop the multiplier a notch so that the processor may run at a comfortable operating spec.
btw, make sure you have the latest MBM. MBM usually does a good job with the voltage readings. just make sure your setting in MBM is set correctly according to the motherboard.
what does the voltage reading in the bios say?
regards
r0l0e