I have the almost the same build, I7-920 and V8
I was able to reach 4.01 on air but temps were around 77 so settled for 3.61Ghz with temps around 46.
After 1 year, I underclocked to 3.33Ghz with temps around 43 and I'm happy with it.
The V8 Fan speed went down since last week, I just changed it (took me a lot of time to figure out how to remove it from the cooler) and replaced it with a new one.
However, the V8 now has no plastic cover and no red lights, it still looks... um... ok