Yes, disabling Turbo Boost can lower temps. Limiting the CPU speed naturally lowers performance, but most games are not very CPU dependent so you will not notice much difference if any in most games. Video rendering is extremely CPU dependent so it will take longer to render videos.
Go to Power Options in the Control Panel, then click the link to change advanced power settings which will open the Power Options window. Scroll down until you see Processor Power Management and expand it. Then expand Maximum power state.
- For Windows 7 change to 99% and that will disable Turbo Boost.
- For Windows 8 it is be bit different. For my laptop (core i5-4200u) I need to use 68% to disable Turbo Boost; 69% or higher basically does nothing. That may or may not work for your CPU. If it doesn't or it lowers the clock speed too much, then you need to enter a different percentage until you get the desired result.
The base clockspeed of the i5-4200u is 1.6GHz and max Turbo Boost speed is 2.6GHz. However with Turbo Boost deactivated, the CPU never goes beyond 1.5GHz.