Not necessarily.
If your processor/motherboard can't handle higher than 266, then there's normally no problem (unless you've got a Dell or other proprietary system that wants specific memory). I'm not sure about Intel systems, but if you're running AMD you need a 2500XP or higher to run 333MHz, and a 2800XP for 400MHz. So if you've got a 2500XP or better, you will probably be slowed down to 266MHz. You'd be better off selling the 266 to someone else and buying another 400MHz stick.
Also, you probably can't run them as dual-channel in any system, but you can still get the benefit of the extra memory.