In iMac there are no CPU module. But of course, it can be done similar way.

But with quick search on web I found, that Front Side Bus (Processor Interface Bus) frequency on block diagrams is 667 MHz for iMac iSight and 600 MHz for older iMacs.

I don't think it will works with 1.05 GHz, but everything is possible. Only me will not do it with my iMac.

But if somebody want to try search for bus overclocking, good start are Northbridges:
Powermac G5 PCI-X have U3
Powermac G5 PCIe U4 (= IBM CPC945)
iMac AGP U3 Lite
iMac iSight some other