Hi Redflag,
I'm a proud owner of an Asus P2L97 rev. 1.05(I assume that's what you mean).
With the latest bios,1009, the board will support up to a Celeron 533 PPGA (NOT FC-PGA - there's a 533 of that type also) with slot 1 adapter. I'm running a cel 500 on a slotket on the 75 mhz bus @ 563. Completely stable with the retail Intel fan and heatsink. If I jump up to the next bus speed,83 mhz, it won't go into Windows. The chip might go there, but I don't think the RAM is dealing with it too well, not to mention the other older things on the bus. As cheap as they are, that might be a great upgrade for you.
I'm currently running a Voodoo3 2000 and 128MB ram for a not-too-shabby and really cheap gaming rig. Any other questions, just ask.
Jack