I have performed the motherboard BSEL mod and upgraded my CPU to the Extreme x6800 with success.

The x6800 booted into 16x mode at 200 FSB 3.2Ghz first try. I didn't have the 60x multiplier bug mentioned in the first post. I experienced zero issues. Shutdown is now working properly. Memory is running at 400mhz dual channel. The CPU no longer runs at 100mhz when I turn on the PC within 5 minutes after shutting it down. No problems at all.
If you can solder, I highly recommend going this route instead of the E5800. If you can't solder, you should buy yourself a soldering iron, practice a bit, and give it a go. It's probably one of the easiest solder jobs you can do. You only need kynar wire, rosin core solder wire and a soldering iron.
Here are some 3dmark 99 and 3dmark 2001 SE benchmarks comparing the E5800 @ 3.2ghz against the x6800 @ 3.2ghz. Later 3dmark benchmarks also show an improvement for the x6800 but not as drastic, because the GPU becomes the bottleneck.
E5800:


x6800:


You can see the extra cache on the x6800 does make a big difference.
I have also edited the stock v008 bios so that we can now disable C1E support and Intel SpeedStep. Turning these off will stop the CPU from throttling to low voltages and multipliers when under no load. I have attached the edited bios to this post for you to download. The toggle for C1E support can be found under Advanced > CPU Configuration (It was previously hidden), however the toggle for Intel SpeedStep is still hidden. Despite this, we can disable SpeedStep by going to the the bios "Exit" page and load the optimal settings. If you want to enable SpeedStep, you should instead load the failsafe settings.
I also found a program that allows you to adjust the memory timings within Windows XP. This is useful because the settings in the bios for adjusting memory timings seem to be broken or faulty. For example, if I try setting the CAS latency to 2, the board will refuse to post, even though my memory can handle it.
The program is called Tweaker865 and I have also attached it to this post.
You can use it to extract a bit more performance if you are using fast memory. My modules are rated for 2-3-2-6 and these are the settings I use:

These settings reduced my memory latency by a noticeable amount.
You can save a config file and use it when launching the program by using the following command:
tweak865.exe -file=config.txt
Which is great if you want to automatically launch it while booting Windows.