No, this doesn't work.
AFAIK, X-DSL only understands a few cheatcodes, such as 640x480, 800x600, 720p. These, in turn, are sent to one of the bootup scripts, which calls fbset with the right settings.
I've been playing with fbset, trying to lower the resolution, and I can get a stable 400x400 image, but below that, I run into interlacing or something, and it's not pretty. I figured turning up the pixel clock would help, and it does a little, but I don't know what safe values are. I'm basically trying to keep the frequencies around the same place whilst mostly playing with the xres, yres, and pixclock settings. Also, I played a bit with the hblank and vblank settings.
I'd like to drive it down to 320x240 without putting the tv into any weird mode that might potentially damage it.
Any ideas?