V-Sync vs Frame Locking?

Just got a new card, EVGA 750 Ti 2GB FTW Edition to be exact, and to be honest its too powerful for what I'm doing. Mainly playing older or non intense games like Minecraft, which I'll use as my example. In Minecraft, Max Settings, I get 100-120 fps average, I only have a 60Hz monitor so those extra 40-60 frames are just being wasted and they're straining my GPU and CPU by kicking the fan on overdrive because they're overworking themselves to get those 40-60 extra fps for no reason. There's three ways I can get the fps to stay at or below 60. Option 1 is in Minecraft theres a frame locking slider that allows you to lock the frames of coarse, this option is out of the question because it does something weird where when enabled it underclocks the GPU so that it stays it only has enough power to stay at 60fps while nothing is happening, doing something as breaking a block to generate particles will cause a frame drop. Option 2 is lock FPS in EVGA's precision X monitoring and tweaking tool, this is nice because it gives you enough power to stay at 60 fps and then just a little more juice so it stays at 60fps even when a big explosion or event happens. Now whats weird about this is that event though its locked at 60 fps it doesn't look smooth, it looks oddly at 40-50 fps which is really weird and if I cap it at 70, 80, etc. it still has this weird choppy look that doesn't look like full 60 fps. Now the 3rd option is VSync within Minecraft, this by far looks the best, and has the extra GPU juice so it doesn't drop in performance thirsty situations. But as Vsync is, it causes a 1-2 frame input lag which throws me off. It looks way smoother than all other options but I think its just because the weird input lag. My question is for those who use V-Sync alot on any game is the lag easy to get used to or does it always make you feel "off" when your playing? If not, is frame locking a better option even though it looks worse? And also does anyone know the average input lag added when VSync is on in milliseconds, cant seem to find an average on google. Any help would be greatly appreciated.