Hi Unregistered:
More often than not, if you purchase a high-clocked memory kit, you should have little issue down-clocking it. This used to be somewhat of a problem a few years ago, especially with DDR1, but I haven't personally experienced that issue with DDR3. I personally run a Corsair 6GB DDR3-1600 CL8 kit at DDR3-1333 CL7 in our benchmarking machines and haven't had an issue. Still, I can't rule out that it's never going to be a problem, but I think it'd be exceedingly rare.
If you purchase that Kingston kit, I have serious doubts you are going to run into issues. Personally, I'd go Corsair just to be absolutely sure, but if you are a Kingston fan, the chance you're going to take is minimal. Simply install the kit, boot up, set the RAM frequency to DDR3-1333, the timings to 7-7-7-20 (CAS/tRCD/tRP/tRAS) and the voltage to about 1.55v. If that's not stable, raise the ram in small increments, but don't exceed 1.65v.
It's not going to hurt, either, to simply pick up the kit you need and see if the board will run DDR3-1600 with 12GB of RAM, but it's certainly not going to be a game-changer. Personally, I'd rather run DDR3-1600 CL8 over DDR3-1333 CL7, mainly because we did see slight increases in performance. But again, if that doesn't run in a 12GB configuration, you're choice is pretty much made, and there's absolutely nothing wrong with CL7 at DDR3-1333.
As for overclocking, if you are taking your work seriously, just don't do it. If it was Core 2, I'd say sure, go for it, but Core i7 requires more attention to detail when overclocking, and especially more voltage, so I'd say you're better off just playing it safe, unless you want to spend a day or two tweaking and stressing the heck out of the machine.