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The higher the frequency, the higher the speed (AUTOMATICALLY!!).
But I wouldn't recommend a celeron anyway; if you're looking for a low-cost processor, get an AMD Duron 850 or 900 on a new motherboard.
If you have enough money, I would recommend to get one of the new C-Athlon with 266 MHz FSB and DDR-RAM.
 

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You get three things when you use a pIII:
1) you get a faster FPU
2) you get a larger memory bandwith (especially when you use 133MHz processors, like the 667 or 733)
3) you get a larger and faster cache
Estimated performance: min +50% in comparison with your celeron

CONCLUSION: if you can install a PIII processor, do it!

NB: the PIII's with 100 MHz have a better overclocking potential.
 
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