Gipat ... No. Increasing the CPU voltage does nothing to fix this particular issue. The POST process goes through various stages. If you watch the codes on the board they change during this process. Some of the codes are documented, while others are not. At some point during POST, it references the changes in BIOS made to the CPU voltage and continues. It is not the first thing it does. I've read this somewhere on the Phoenix(Award Bios) web site.
The start of POST is always at default voltage of CPU detection, which is 1.5volts for the Northwood. If you overclock too high and perform a cold boot, the POST will sometimes error out on Code 26. If you notice, no matter what you have set in BIOS, the POST will always pause on Code 26 and if ok, it will continue on.
One likely reason why some are not effected by this problem could be either they dont overclock that high or they have performed the CPU pin mod, which changes the default voltage and allows for a higher initial voltage during POST before it references any user changes in BIOS. I personally have not tried the Pin Mod, but it seems logical that it could help the cold boot problem. Actually, the issue has arisen again with my setup. I thought the latest flash of 43a helped. It may have to some degree, but I still see the problem now and then. For me, its nothing more than a minor annoyance. One or two presses of the reset button allows the system to continue past code 26.