Hello.
The CPU is theoretically already "overclocked".
Gamecube Mode - 485 Mhz
Wii Mode - 729 Mhz
The Wii is an "advanced" developed Hardware from the Gamecube not an technical Innovation.
The same for the GPU:
- based on Gamecube´s Flipper:
Gamecube Flipper -162 Mhz
Wii advanced development from Flipper (now Hollywood) - 243 Mhz
Thats a main reason why the Wii has not so great graphics for example on Call of Duty Modern Warfare or Far Cry Vengeance compared to other Consoles from that Generation.Thats why the WiiU came out.
I don´t think it makes sense to overclock an Hardware who is already on their 3D Limit of skills.