I assume the second screen depictures your CPU on a VCore brought one notch down? Because the first one shows 1.328v which doesn't look to be below default VID...
I cannot guarantee your chip will remain stable undervolted, but have heard about a lot of people running slightly (more or less) OCed E21x0 stable below default voltage. That looks similar to overvolting and overclocking. Some will, some won't go within (in this case - below) the same limits.
And I have proven it myself (and on my own risk). Untill some point you may choose just between stock voltage or decreasing it. Mine 2.40 should be similar to your 2.13 (9x266 FSB vs 8x266) and it is stable at 1.186v (1.2 in BIOS). It seemed to be stable even one more notch below (1.168), but finally ORTHOS crashed after ~7 hours. 1.186v was stable for 12+ and I accepted thas settings.
As already said, I've fought the temps by 10* down and the only factor, which I could consider to have an extra influence on these results, is a break-in period for my thermal compound (Zalman STG-1). No other improvements done.
I find my case cooling rather mediocre and certainly need to improve it if I want to push that chip further and stay within safe limits. I don't know a thing about yours and it might be the next factor to consider (besides voltage and new cooler).
And - of course - if you plan on pushing your CPU further and further, you surely will not be able to stick with low voltage forever. Just balance between reasonable power and reasonable voltage... I feel happy with my 2.4g and don't need any extra seconds in SuperPI. More MHz will be wasted by my gfx card for sure