[Redken]

Same MB as you have...I also run 2.8 ghz 800Mhz FSB cpu...northwood P4? duno the name of it
I have been running it at 1.85 volts when overclocked to 3.3 ghz (255 FSB)
I'd like to squeeze as much as I can out of my CPU...
To do this droop mod would require a bit of work just to get my MB out of the case.
is it worth it?

It was very worth it to me. Right now I'm running rock stable at a hair below 3.5 (3.48 @ 290 FSB). Before I could not reach these high speeds with my 2.4c because my vcore would drop to 1.52 (set at 1.65) which was not acceptable to me.
To do the mod just solder a 33k resistor or a 50k VR (set from 28k to 33k) and solder to these points on the board
(thanks to malves for this photo)
I used the 33k resistor and the alternate solder points shown in the photo as blue dots. It took me no more than 5 min to do the actual soldering.

Also I suggest dropping down your divider to 5:4 to get the most out of your CPU and FSB. Right now your MEM is most likely holding you back.

P.S. The photo above is for the P4C ONLY not the P4P, as the P version has other solder points.