The video card never exceeds 60 Celsius so I wondering if 1175 is okay and how about for 24/7 when idling and playing games? I never increased voltage on a video card before so this will be my first time. And the voltage temperature can also be monitored correct? I'm assuming it's also part of the GPU temperature.
Yes that is very high, I saw a card that had that and burned out (although it was a 6000 series Radeon card, so older). You need to remember that the voltage will effect the memory and other components as well so most stock cooling will not do, even if it is a non reference cooler. Water-cooling may make that ok but for overclocking voltage I would not do that.