Interesting project....
Is it possible to swap the cpu as well?
or overclock it to a more reasonable speed...? 
Is it possible to swap the cpu as well? yes
i can change any type of chip no matter what type or shape including Blizzard PPC 603e,changed to whatever i want,at the moment im trying to get a PPC 745 or a 740L to work so im very busy.
as for upgrade for other users i have 3x real 603e 250Mhz,one im using at the moment but im almost sure i will not be using it in any of my project`s.
i may also do one or two 300Mhz but this depends on what happens in the next few weeks this will be a first come first served via PM when i think the time is right.
or overclock it to a more reasonable speed...?
never tryed to overclock the 603e 250Mhz but im sure it will do some overclocking
as for the 300Mhz version iv only overclocked it to 320Mhz with a 80Mhz osc without a single problem but im sure it will go higer.
also at some point a Cyberstorm PPC will be fitted with a 375Mhz 604e and will attemped to overclocked it to 400Mhz