Z370XP-SLI enough to overclock i7-8700k?

Solution
You should have no problems for mild overclocks..I have the Gigabyte Z370 Ulta Gaming which is very similar to this board, just more RGB and it happily overclocks to 5Ghz but for me 4.8Ghz at a fairly low vcore and good temps is perfect..you will have absolutly no problems achiveing and sustaining a mild overclock for 24/7 use on the Z370XP SLI..
You should have no problems for mild overclocks..I have the Gigabyte Z370 Ulta Gaming which is very similar to this board, just more RGB and it happily overclocks to 5Ghz but for me 4.8Ghz at a fairly low vcore and good temps is perfect..you will have absolutly no problems achiveing and sustaining a mild overclock for 24/7 use on the Z370XP SLI..
 
Solution
As vMax said, it is good for light overclocking. The VRM on this MB is very basic so it can not handle high current for long time.
What it means is that if you going to run programs that create more load than games, the system will not be stable (may crash, shutdown or simply burn if there is no overcurrent/overtemperature protection implemented).
 
Just an update to Eternal Champions comments. With regards to VRM's, I have so far tested at 4.8GHz totaly stable now at 1.248v across RealBench v2.54, AIDA64, Prime95 26.6 and Intel XTU running 60 minute runs on p95 and RealBench. As far as temps are concerned high 20'sC at idle and max 66C Degrees in Real Bench, P95 never went over 60C degrees. VRM temps never exceeded 74C degrees - checked in HW Monior and HW info. The VRM's are more than fine for light to medium overclocks. I have also tested at 4.9GHz and 5GHZ though my vcore went to 1.378v and the temps went to mid 30's C idle and topped out at 83C degrees in RealBench and a little lower in P95. The VRM temps went to 96C degrees, again, well within limits of the VRM capabilities. Oh and by the ay, of course this motherboard does have ample overvolt and temp limit protections...In my 10 years of dabbling with computers and basic overclocking I have yet to burn a CPU or motherboard due to continous use at high clocks no matter what I have thrown at it...probably becouse I tend to upgrade every 2 to 3 years and the built in protections always kick in when I have gone to far....

The VRM design in Z370XP SLI is exactly the same as my Ultra Gaming motherboard and more than good enough providing you are not going to overclock at 5GHz above for long periods of time..As to programmes serously stressing this CPU/Motherboard combination, even with AVX enabled, again I see no issues especially at 4.8/4.9GHz as the CPU auto drops the CPU by 200MHz for AVX loads...and if you are going to be using this computer for programmes that use AVX for any lenght of time then I would suggest going for a more expensive option..

For those that absolutly love Overclocking and have to get the maximum out of the CPU, or those that handle high workload 24/7 use cases then a 10 + (8+2 and above) phase VRM setup like the higher end Gigabyte gaming 7/Asus Z370 Hero, MSI and Asrock who tend do go overboard on VRM phases at the medium to higher end will be the ones to look at.
 
^ 96C reported by the MB means that the actual VRM temp is well above 100C. usually the VRMs are designed to work up to 105-125C internal temperature at 25C (what you see is the sensor placed in VRM area and reporting lower than actual temp).
The real world capability also depends on the case airflow, ambient temp, type of CPU cooler and airflow over the VRM heatsinks.
if you make the CPU to pull ~150w (~5Ghz@~1.35v under prime95) with some sort of liquid cooling on the CPU and none to minimal airflow over the VRMs at 25C or higher ambient, this VRM will shutdown within 60-90 minutes.
It's nearly impossible to draw a general line where it will or will not work as too many variables involved.
I simply not recommend motherboards with less than "foolproof" design for overclocking. IMO, boards like asus Z370-A are the bare minimum for overclocking (~150$/euro range).
 
I still dont get it...If you are not going to be using a CPU for use cases like over 5GHZ stress testing, 24/7 production/rendering workflows, why spend more, why not just by an 8, 12, 14, 16 core etc CPU for the appropriate use case with the motherboard to match. After all, we are talking about a decent setup that can handle low to medium overclocks for gerneral mix use gaming/some prodution lite editing etc. The quality is certainly there at the price point. By your thinking anything below a Euro 150 price point is just not worth it...Which is certainly is not true as most of the motherboars sold are at the sub Euro 150 price point and for those that want just that little bit more, these motherboards tend do do what they say..Of course you can buy better, espcially if you want that extra...
 
In most cases it will be fine, but again there is a real chance (search the forum) that low end Z motherboards will not be able to work with overclocked CPU.
some people live in hot countries with over 30C room temp, some have very poor case airflow and many other reasons for that.
so my approach is to recommend a solution that will work in 100%.
 
I had not figured on country temps especially as I live in the UK and it is a lovely 10 degrees c today...I suppose in hotter places then the temps will become much more of a factor. My only point is ultimatly what is the PC going to used for, in all my time and I have spent over £250+ on motherboards, I probably have never reached the limits as I tend to only ever overclock to a mid level and generally gaming with some lite production and that will never really stress the VRMs to any seriouse level and I have to admit, I am having huge fun with the Ulta Gaming which saved me money to throw at the GPU!!! and the price of RAM which isn't even funny at the moment, any little helps...Though point taken on your thoughts..