No, it's not reasonable. Going 1GHz by some kernel hacking is one thing but a large phone manufacturer releasing an updated firmware that would run the processor at speeds that it is not guaranteed for by Qualcomm is, imho, very unlikely.
Asfaik there is no MSM7227 that goes above 800MHz (officially). I think the original rumours about the Skate was 1GHz and Flash support. That indicates the originally planned a version with a MSM7230 CPU (or perhaps a QSD8250). I still find it possilble that there will be another version of the Skate with a better CPU but a overclocked firmware? No, I find that very unlikely. The article is propably based on wrong information or a misunderstanding.