Sure, overclocking will help in the general case. It'll make the phone more usable under general conditions, and it will make certain operations take less time. However, overclocking won't help this performance issue at all-- it's entirely based on the speed of the flash memory, which can't be sped up by overclocking the CPU.

Give it a shot for yourself: try opening up, say, eight browser windows pointing to Facebook or some other media/content-rich website. Then try opening another application. Can you even get to the application menu? Try switching back to one of your previous browser windows. How long does it take before clicking the close button actually works?

There is another point, too-- overclocking will damage your system. It's not a matter of if, it's a matter of how much. By pushing your system's limits, you decrease the life expectancy of the hardware-- and it isn't as easy to replace a burnt-out CPU in a phone as it is in a desktop machine. What I'm talking about here, if you do it correctly, won't affect your phone's hardware at all. In a certain sense, it's like marking a program as "high-priority", only instead of affecting processor time, it affects memory usage characteristics. You aren't putting more physical load on the phone's RAM, just specifying which processes get to use it first.