Nope. It's only possible to run Android or Windows Mobile at a time. When you boot to Android, it actually shuts down Windows Mobile, so you can't run them side-by-side.
Just FYI, I believe no2chem released the source code to his overclocking app for Windows Mobile, but he only had 768MHz unlocked. I bet with some minor modifications, that could be turned into something usable in WinMo.
http://www.nuerom.com/BlogEngine/pos...00MHz-yet.aspx Some info about no2chem's overclocking app.