You can overclock the 040 to 33mhz without major problems. Remember that overclcking requires more efficient cooling and a powerfull enough PSU to cope with the xtra requirements. Cooling should not only be applied to the 68040 cpu, but to the chipset on that board too.
If you are really adventurous, and have some really good cooling solutions, you can even go for upto 45mhz. Of course your mileage may vary allways applies, and to reach that amount of overclocking is only recommended for a skilled hacker, not an average user. At this point remember that on 040 and 060 processors the FPU is the one that fails before anything else. So run some FPU tests/apps every time you overclock, to see if you reached a limit.
I still long to see any Amiga based Phase Change cooling for overclocking purposes. I still dream someone may reach with it 100mhz on a 68060 Amiga.
Be carefull and Good luck!