Overclocking i5 with power saving enabled?

I've just built a new system using a core i5 750 and have been able to overclock it with all the functions (EIST, C1e, C3/C6/C7) enabled however once I increase the BLK above 150 the CPU core voltage never steps down but the multiplier still does. This is with all the BIOS voltage settings set to auto for the time being since I haven't fine tuned the overclock yet. I'm trying to figure out if there's a way to increase the BLK slightly higher (maybe 166 or so?) and still have the core voltage throttling or does it really not matter that much in terms of power consumption?

I also have Everest ultimate 5.30.19 and it supposedly reads out the cpu draw which I've never seen before. How accurate is this as a reference tool as I'm fairly sure it's not accurate in terms of actual numbers as it reads 3.45W at idle while overclocked to 175BLK and 2.23W at stock BLK.

The bottom line is that I'm trying to figure out if makes a difference that my CPU core voltage doesn't downstep when putting the BLK at 150+ in terms of power consumption. I use this computer as a gateway for my phone so that's why the power consumption matters. Or do I just need to buy a kill-a-watt to figure this out since I'm not too interested in the exact wattage numbers but if the power saving features are still functional when overclocked.

Here's my basic system:
Mobo: Gigabyte P55A-UD3 F4 BIOS
CPU: Intel i5 750
Memory: G.Skill Ripjaws DDR3 1600Mhz F3-12800CL9D-4GBRL

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