Is it just that 266 is as fast as the jumpers allow the CPU to go? If so, my sympathies. Nice thing about changing the ISA bus multiplier is it DOESN'T change the CPU speed. Your CPU stays as cool as before. Therefore it's a main reason to recommend it, if you have the option.
Alternative: chill the CPU way down. (Many 3-486's went out the door often w/o
any thermal assistance. EEK!) Every PC will run faster cold than warm/hot. There are several stratagies for this. Big heat sink/fan, thermal compound for good thermal transfer (+20-40%) to any heat sink, water cooled heat sink, refrigerated heat sink.... I recall a CPU at 0 degrees C is up to 25% faster than the same one at 60 C. I'm using the thermal paste + big heat sink + fans. No problems at all at 10% OC'd (this separate from the ISA bus increase entirely). Wish to give the refridge idea a shot soon and try for 3-40% OC'ing.
I figure your 266 has a typical heat sink and fan. First, blow out the dust bunnies. Now, is the heat sink bonded to the processor? (Bonded sinks don't use clips to hold them on.) If no,
carefully remove the sink (don't break the holddown ears on the CPU socket!), and check for compound, if any. If it's dry or like clay, clean off any residue from the mating surfaces, add a fresh dab and spread it very even, thin and smooth over the whole mating area only (stay away from any electrical contacts visible). Too thick will actually insulate the CPU. Check that the CPU is still properly seated in it's socket. Seat the sink again and twist slightly a few times to get a good interface and feel for grit. Clip on the holddown clip and boot.
Note: Some of the sinks are hard to get on and off in the socketed (ZIF/PGA-like) PC's. The small die AMD's and Intels above ~500mhz need a lot of force and real care as the mating surface is only 1/2" square. Watch it!!
Daughter card (slot 1/slot A) CPU's need a little different care. Some are difficult to remove and are better off staying in the PC to work on, if there's room. Otherwise pull the card out after releasing the clips and then remove and service the heat sink as above. Keepa yo han's off the contacts!!!! Snap back in and boot.
At the very least the PC will run more stablely and last longer.

Sig: "The Universe is change... but it is not exact change." -Fusco Bros.