Most original m68040s can run up to 40 MHz without problems because they're all made the same - the chips labelled 40 MHz from Motorola were tested and confirmed good at 40 MHz, but internally they're no different than the 25 and 33 MHz parts. Some of them, when properly cooled, can run up to 50 MHz.
The 0.65 and 0.57 um (typo above - it's 0.57, not .057) masks can pretty much all run at 50 MHz with proper cooling. I'm running a few early XC chips in NewerTech Quadra Overdrives at 50 MHz and got a K63H mask chip for one of them, and it runs fine without a heat sink but with a small fan at 50 MHz.
Therefore, I think overclocking a newer mask is more or less limited by the rest of the system, not by the chip itself.