Not necessarily. CPU and RAM overclocks should be treated seperately as far as is practicable.
Try lowering your RAM multiplier right down, say to 100Mhz (1:2 RAM/FSB divider). At a core frequency of 256Mhz this will run your ram at 256Mhz - well below the rated spec for the RAM. This should allow you to continue to increase the core frequency and test the stability of the PC, but based only components other than the RAM.
Basically, you might be able to attain a higher CPU clock without damaging your RAM if you use a lower divider. Establish the highest stable clock for your CPU, and then try lowering the CPU divider and doing the same for the RAM. Once you know the stable ceilings for both RAM and CPU (assuming that this isn't limited by any other components) then you can figure out a suitable balance between frequencies and dividers.
RAM bandwidth isn't often a bottleneck in todays PCs AFAIK. You'd be better off with a higher core speed and a reasonable RAM frequency.