The slocket pictured has no VRM onboard, so it relies on the mainboard to provide the appropriate power to the CPU. Some BX-based boards can provide low voltages, so the best thing you can do is check the PWM-chip located near the SLOT and Google the datasheet to see how low it can really go.
This slocket simply tells the mainboard how much V to provide, and it's up to the PWM to deliver that. If the PWM can't deliver the required power, the system will (at best) not start.
Other more advanced Slockets (Powerleap etc) have voltage regulators on board, and they disregard the mainboards CPU power circuitry. that allows you to run a Tualatin on practically all Slot 1-boards (and the whole reason they're nigh extinct.
edit: Tualatins also have some pin alterations, so you'll have to mod this slocket as well as see to the V requirements.