1.224V too high for 4.2GHz?

Is 1.224V too high of a voltage for a 4.2GHz on an i7-3770k?

Every chip is different. If your temps are good, you should have no issues. If 1.22v is needed for 4.2ghz and you cant go lower, so be it. 1.22v is PLENTY safe. You can take it up to 1.4v as long as your temps are inline without breaking a sweat.

Can you lower the voltage and pass prime95?