With the 1155 socket P67 chipset, power saving states will for the most part not affect your ability to overclock. I thought they would but have a read of Official Asus P8P67 Overclocking guide,
Official ASUS P8P67 Series Overclocking Guide and Information - XtremeSystems Forums, it was stated otherwise and in practice I have seen this to be true.
I followed the recommendations and now have a stable 4.8Ghz overclock with speedstep & C1 enabled with lower temps on my setup in listed in my sig then my last few blind attempts.
I would not recommend overclocking past 4-4.4ghz with stock cooling at all. The Coolermaster Hyper 212+ was used in that guide btw. The new socket 1155 series cpu's will thermal throttle down when close to reaching their TJ Max (~98c) and with the speedstep & other power saving features enabled also throttle down when idle or with light use. I can't remember if I disable Turbo though & will have to check.
As for Ram voltage, since you memory speeds will not vary & run at stock, unless you intentionally set it that way to overclock your memory from their rated speed, leaving the default voltage (1.5V) or whatever the recommended factory setting is will be ok. I don't see the advantage of running your memory at higher than the manufacturer recommended voltage unless you plan on running higher than spec'd speed (overclocked).
Again to achieve 4.8Ghz I have most of the power saving features enabled, vCore at 1.4v (Will try lower 1.38v since 4.6ghz was 100% stable at 1.32v). I have also followed most of the recommendations in the Asus guide.
The socket 1155 overclocking experience has been very different then my socket 775, AM3 or even S1366 experiences. I've had to approach S1155 overclocking with an open mind and a blank slate. It's a blast! I will attempt 5Ghz later this week.