There's a concept in mobile called "race to idle" or "race to sleep", wherein you improve CPU performance even at the expense of efficiency, because it will do tasks faster and more quickly return to a low power state, saving power overall. It's a nice theory, but I've still found that my battery life is a little longer when I set my Windows power state to "power saver", which limits the CPU to its lowest multiplier, though not as much longer as you might think.
Lowering voltage should always save power, but you absolutely do not want to use a fixed voltage. If your laptop does not have the ability to specific an offset voltage, don't touch it.