It will run at 133 MHz. I don't know what you mean by "locked" — none of the Socket 5/Socket 7 CPUs are multiplier locked to my knowledge.

If you have a plastic Pentium 200, you can bridge together the BF1 pins to lock the jumpers (overriding the motherboard settings). I've done this on a motherboard that doesn't have multiplier settings at all (so it maxes out at 100 MHz, 1.5x), so you might have to set your mobo for 1.5x — otherwise it might run at 166 MHz.

I'm pretty sure the voltage settings are identical for all non-MMX Pentiums, so you're not doing anything harmful to the CPU, and the mod is easily reversible (provided you have a soldering iron and minimal skills).

You can see the mod here.

The following does not apply to the op but…

PMMX are many times limited to very specific multipliers

Older original pentiums likewise were usually missing multipliers
As an example I’ve had p133s that had the 2.5x multiplier and others that did not
I’ve had p75s that had 2x and others did not
I’ve had 166mmx chips that had 3x and others that did not

Sort of a mixed bag what multipliers are available on Intel parts