With those voltages im suprised its still working now... Get a program such as CPU ID, it gives a better voltage reading. The normal safe voltage for CORE is 1.4V(thats the highest safe Voltage, for overclockig etc.. You can probably get 3.2Ghz out of it at 1.4V, dependant on cooling =]) for that processor, that program may be giving you false readings, or different to the norm...
No, not unless you have to underclock it.. which you shouldnt as it seems at stock clocks. Which is bizarre to why its overvolted.. Where on earth did you get this from?
i have the same problem with my cpu. *note* hardware monitor is made by the same peeps who make cpu-z. Lol. Anyways, i have an AMD windsor(AMD Anthlox 64 X2 5600+ and even at stock clocks, i am running 1.6 volts. i oc'd it to 3.2 HGz and my voltage is at 1.619 volts now. Motherboard has issues with me changing the fsb. i lowered it.. and it fried my 700 watt psu in a week. So i changed it back and yet my 300 watt psu is fine oc'd for almost 7 months now!!! Not to mention the 300 watt psu is already 3 years old. My gpu is superclocked and i added 2 fans and it all at 256 watts. But then again its a 240 but its bout head to head with an 8800GT now.