I would imagine (knowing how ESXi works) that you'd need to perform any overcrocking at the bios level, or at the hardware level, in order for ESXi5 to recognize it. Trying to go into the hypervisor and mucking around there, without knowing what you're doing (to the Nth degree) is simply a bad idea. Not to mention you would probably need to make the change with every update/patch made on the host. The chances of remaining 100% static on the host software level is rather remote.
IMO, if you need more CPU resources, then you should add them with actual hardware, not try to cheat. You would probably have more than you need if you had dual sockets (quad core, or more, each).
What is the hardware that you've installed ESXi5 onto? Is this an actual server (doubt it from what you've already posted), a desktop, or a whitebox system? What are you planning to run on the host where you're making CPU/MHz reservations on?
BTW, at 3.3GHz per core, you should have about 13.2GHz total. Minus what ESXi5 will use will be available for VM's.