so far, i just have a rooted Android OS 2.1. Is there a way I could just simply overclock without installing a new ROM and all that?
ChevyNo1 has some good overclocking Kernals that work with the stock (but rooted) 2.1 ROM.
[UPDATE] New Kernels - Low Voltage + Medium Voltage - 3/25/2010
There's a LOT of potential benefits to flashing a custom ROM, such as new features and easier themeing, but you don't have to. As stated above, flash an ESE81 compatible kernel, get SetCPU and rock and roll!
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I'll agree. If you're gonna go through the trouble of changing kernels, you should also give yourself the advantage of custom ROMs. There are a few out there that are still pretty much stock, but tweaked to be better (BB comes to mind.)