I'll admit I am not an expert at overclocking but I can tell you a little.
1. the i7 gets hot when overclocked and needs a good aftermarket heat sink fan (HSF) to help. you have no aftermarket HSF from what I can tell, is this correct? The stock intel HSF are inadequate when used for overclockng.
Buy a well reviewed aftermarket HSF and get someone to install it for you (or do it yourself). The HSF including thermal paste should be under $100. Read toms hardware reviews or go to this site for reviews http://www.frostytech.com
I just removed this cpu from a storm dead dell computer and put it in a custom build with a coolermaster hyper n520 hsf on a Asus Sabertooth board and it is running idle temps about the same, almost identical. It worries me a little bit, but it is in a Fractal Arc Midi case with great airflow and a cooler I'm happy with. I'll watch it and see if the temps drop...if not, nothing much lost. If I have to I'll just put it in the watercooled server case I'm not using.