Actually it depends on the type of load it is facing and why it is only at 50%. If it is trying to accomplish X amount of work within a specified time then yes it will reduce the CPU usage(ex. feeding data for a new frame every 1/60 seconds), but if it is trying to do X, then take the results of that feed it into Y, and then the results back into X as fast as it can and is only at 50% because it can only use half the execution units because of some dependencies then OCing will let you get more done but you will still be at the same usage percentage.
Everything ends up coming down to what exactly it is doing, this is why we always use a benchmark suite and not just a single one.