You can't overclock an Imac CPU! You just don't have acces to the FSB generator. plus there's heaps of other stuff as 88 king discribes in his post.
But saying that an all in one can't handle overclocking or overclock non k intel CPU's is nonsense because you can even overclock laptops where heat is even a bigger issue and you can overclock standard non k cpu's over the FSB but only by a small margin of around 5%.
Overlocking the BCLK is a bad idea, as it can lead to instability with things like USB, SATA etc. 5% is probably pushing it, and even that would lead to an overclock of a 100Mhz or so. Ultimately not worth it.