overclocking the arm processor is an option in many of the emulators and ports currently available. no tricks needed.
overclocking any cpu can lead to instabilities and possible damamge. However as long as you keep the cpu under 166mhz i think you'll be ok as i have yet to hear of a gp32 die from that setting. But not all gp32's can maintain that speed.
one set of batteries i use wont run the console at 166 at all but another set will for a few seconds.