You can go two ways: Manual V-core mode or offset mode. Manual voltage works at whatever you set it at always. Offset uses automatic BIOS v-core, so when the chip downclocks to idle the v-core can idle as well. Load v-core and frequency will still be normal, but at idle can sink down to as low as 1.6gHz and .90v, which saves alot of power and lifespan. Offset mode uses automatic BIOS v-core but offsets it +/- depending on how you set it. I prefer to use this mode because it puts less stress on the chip when the computer is not active. I OCed my father's 3570k to 4.2gHz using -0.055 offset, and that gave him about 1.26v at load, with idle v-core around .90v.
Whichever way you go, start high on v-core (1.28v in manual mode or something like -0.020 in offset) and slowly work your way down, lowering v-core bit by bit till the computer shows obvious signs it needs more v-core again (BSOD or Prime 95 fail). You test the OC w/ Prime 95 (mathematics calculation software that stresses the chip, available for free). Make sure the program doesn't crash and core temps of the chip don't exceed 75 (some say 70).
I'd estimate you can get that frequency with 1.24-1.27, but you need to experiment to find out how low your chip can go.