ok just to clear up some misconceptions here
that reg edit does not enable overlays it enables Back Buffers which is somethign else the Brush based tools use along with hardware overlays
now see in some of the original drivers the geforce and geforce 2 had back buffer as an optinon you could enable if you wanted
HOWEVER with the release of the Quadro and Quadro II they took the back buffer out of the regular geforce drivers and left it only in the quadro drivers
this reg edit enables back buffers again which causes a big increase in speed at least it did on my machine
paint fxs and everything went up probably close to 100%