batboy is wise...very wise. I wouldn't go above 1.5 under any circumstances, unless you went with phase cooling, and that's whole completely different ballgame.
4GHz is a 1.2GHz OC, and that's very possible. Intel's love to OC, and usually have pelnty of headroom unless you get the occasional dud, but those are few and far between, and it's already appearant that you don'y have a dud there.
I would try to keep temps below 50's though. I err on the side of caution with Northwoods becasue I killed a 2.4C chip, and it was obvious it was because of voltage (1.5v) coupled with too high temps.
If you want to err on the side of caution, I would look into water. With that, you can get load temps down and will have better stability even if it's not needed to achieve the 4GHz. Lower temps = better...***always***. In simple terms, electricity don't flow right when things are hot. The cooler you get electronic components, the less resistence there is, and the better the electricity flows, and it's also more efficient.
There are very good water cooling systems out there right now, and they really work well. Even if you are not looking to buy right away, gto into the water forum, and look around. There are some very interesting numbers in there, and it's really not that hard to set one up. They now have water blocks that are universal and can be used wqith many different CPU standards so they can be moved to another rig later if you need to.