I've been OCing my 5850. Right now at 1.187V I was a bit unstable with 950/1250 but it was stable at 950/1225. I noticed that over 900 I didn't gain any FPS with the mem at 1200, but bumping it up that 25 increased it by about 4. So, I think you'll be getting best performance from the 950/1250 set up.
I looked for max voltage on this card with no luck from AMD/ATI website. Afterburner help says (if I recall, might want to check it) a max of 1.5V for this card. I think it's mostly going to be limited by temps, then. With my OC set up, I set the fan to manual to go from 20% @ 50C up to 40%@80C, and so far the temps haven't even hit 80C.
I plan to up the voltage and memory speeds to try and get maybe 1250 or 1275 stable, then from there set the base speed to whatever will give the most FPS (It probably won't be over 950). Of course, that's assuming I can keep it under 85C. I hear they're ok up to 90s but no sense pushing it too hard.