The EMC interface is specified for a maximum operating frequency of 120MHz. This limitation is mainly caused by the electrical performance of the pads and the pins. If you go beyond 120MHz the shape of the signals will turn from square to sinus, finally this will result in wrong interpretations of what is a 0 and a 1.
You can overclock the interface with lets say 132MHz or 144MHz without clock divider on your own risk, it should work.
I would recommend serial resistors in the data lines for that, in order to reduce overshoting of the signals from the SDRAM to the MCU. If you use CLK0 or CLK2 for that is a don't care, this might play a role when you work with the clock divider. In addition this problem exists on the flashless devices (e.g. LPC4330 and LPC4350) but not on the flash parts (e.g LPC4337 and LPC4357).
If you want to go for SDRAM performance, you also need to work with the BGA256 package, the LQFP packages have a problem with higher speed on the EMC.
As a matter of fact the LPC4300 will not work with 204MHz on the EMC SDRAM i/f, you need to add the clock divider.
Overclocking the MCU with e.g. 216MHz or 228MHz is on your own risk. If you make a good PCB with a perfect ground and power plane this might work. I recommend some sort of cooling for the MCU to avoid permanent high die temperature.
Regards,
NXP Support Team