I worked a summer job at a wafer fab plant. After the IC packages were completed, they all went into sorting machines. The machine did some tests on them, and separated them into GOOD and BAD piles.
But the GOOD piles were further separated, kind of into GOOD, BETTER, and BEST. I'm not sure exactly what they were testing for, but I suspect speed was a key determinant.
Now I'm getting into the realm of speculation, but I suspect the main difference between, say, an 800MHz chip and a 1.2GHz chip is how it tested out prior to shipping, NOT any inherent difference in the design. They would have sold your chip rated for a higher speed if they could have.
You might be able to overdrive the chip, and I suspect the probability of physical damage, ie, smoke, is low. But the probability of goofy operation is probably pretty high. And those errors are likely to appear rather sporadicly, and perhaps only on certain operations. If you want the chip to perform correctly, I would strongly advise against overdriving the clock speed.