I notice the same style of voltage drop on my D 805 with the Dell PSU. At full load, the vcore will drop from 1.15 to 1.08v. It still stays stable for me, even with a tiny o/c to 2.8GHz, so I don't care about it. However, my voltage drop is consistant and stable (i.e., it drops to 1.08v and stays there, and doesn't return to 1.15v until the CPU load decreases).
I would say the voltage ripple is nothing to be concerned about as far as CPU longevity. You're actually reducing the rate of electromigration by running the CPU below vcore spec, and even with the positve part of the ripple, you're still under the stock vcore. The rate of change of vcore (i.e., the "ripple") isn't something to be concerned about either; Pentium Ms change their vcore all the time based on load, which is nothing more than a controlled voltage ripple.
With RM clock, doesn't allow you to set vcore and multiplier settings in multiple states as a basis of % CPU utilization? I don't understand why you just don't have the settings as something like this:
80% CPU load: 2.4GHz, 1.3vcore
100% CPU load: 2.4GHz 1.32vcore
That should take care of your stability issues when running the processor at max, while still allowing for max power savings/temp reduction.