Well go for it
Be aware that most of the p4pe boards read wrong tempatures, often up to 10c higher than what it really is, and i doubt that urs are reading them right, cus if it is ur water cooling are 7c lower than my stock heatsink wich surely arent right.
Try this out.
Fsb @ 150mhz, vcore set to 1.65v, reduce ur memory speed untill u know that theese settings are stable.
Test it with prime95 doing torture test and loop 3dmark 2001 at the same time.
If u dont get any errors in prime95, 3dmark doesnt jump out to the desktop or the computer reboots within 2-3 hours id say that ur 100% stable, then try to up ur memory speed to 400mhz and set the cas timings casual, do the test again, if its still stable try lower the cas timings and do the test again etc.
Why i suggest to run prime95 and 3dmark at the same time is that when running 2 cpu heavy programs ur vcore drops more than if ur running just 1.
example, i can clock my comp over 3.5ghz and run prime95 stable for hours, but as soon as i fire up photoshop while prime95 is running the computer will reboot, because of lack of voltage.
But mess around with it a bit, took me about 1 week to find my sweet spot