Just 'cuz it's a 233 doesn't mean it has no L2; only the initial versions lacked a L2. Later models (WallStreet II/PDQ) included a 512k L2 in the 233 and 266MHz versions, and a 1MB on the 300. A quick check with System Profiler (or a glance at the processor board) would reveal whether or not you have a cache.

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I have three of these, a cachless 233, a 233 with 512 cache, and a 266. Actually the 266 has 1 MB cache, and is a much better processor than the 233/ 512 cache for that simple reason (what's 33 MHz?). The 300s are relatively rare and were (as I recall) troublesome due to overheating problems. My 266 hasn't skipped a beat. I'd look for one of those for the Wallstreet.

Mind you, pretty soon the aftermarket G3 and G4 upgrade boards for the Wallstreet will be about as cheap as a stock 266 processor card.