Hi Bill
Yes, I think you've got it right. You can get CMOS Z80 CPUs to go 20MHz as rated and overclock much higher. However, the strategy is really only applicable if you have an SBC with a high level of integration.
Once you put a 20MHz or greater CPU on a system bus, even one that's fully buffered with fast 74Fxxx or 74ALSxxx parts, going full speed is going to be challenging. DMA can have a big impact on a slower, 8 MHz system but less so a blazing 20+ MHz system. Parallel busses really start to get difficult when you push past about 10 MHz.
I suspect an overclocked 30MHz Z80 CPU is probably faster on net than an 8 MHz Z80 CPU with matching DMA. It depends on the application, of course. I think the real advantage of the slower CPU with DMA is expandability on a system bus like ECB, S-100, ISA, etc.
Not saying there are not advantages to raw CPU speed, but each approach has its own strengths and weaknesses. It depends on what you are trying to do.
Thanks, Andrew Lynch