I tried a different mobo, an i440BX-based MSI 6163 Pro board. There's a "soft menu" in the BIOS, where you can select the CPU's multi, but it only goes from 3 to 8. I tried 6.5, and it ran the P2 233 CPU at 167 MHz. The Speedsys memory graphic chart indicated that L2 was functioning OK.
I then set the CPU's multi to 6, and the P2 CPU ran at 133 MHz. Speedsys indicated that L2 was not active. Also, Speedsys correctly reported that the system was running at "2x & 66". I then set the multi to 5.5 and 5, and the CPU also ran at 133 MHz. However, Speedsys reported that the multi was in fact these specific values: 5.5 and 5, and that the bus speed was a very low value, about ~20-25.
I also overclocked the P2, with a multi of 4 and that worked. For all of these tests above, I could not decrease the Speedsys score so that it was under ~150.