Not "for some reason"; I didn't see it as relevant. If anything, it being a PII-lite with overclocking disabled makes it seem like a worse option? What am I missing here?
What CPU had double the performance of a (top-of-the-line) PII CPU at the time?
IIRC even with a locked multiplier you could overclock the CPU by increasing the base (fsb) frequency. So you would change the fsb freq from 66 to 100 MHz and this way get a 450 MHz CPU from a 300MHz one.
On the Slot 1 version of that processor you could disable the multiplier lock by cutting one of the pins on the slot.