Typically, I would say there is no real risks w/ overclocking if u remain wise (ie: dont double the clock speeds). Your hardware will crash long before it gets damaged. To me a 10% increase is risk-free... But w/ 20 MHz more, dont expect to get a great increase in performance neither !
About the lifespan thing, don't worry, ocing MAY decrease your hardware lifespan... but you've got a 10-year waranty on NVidia products I think, so even if it halves its lifespan... Well... Just think of what will be a TI4200 in 5 years... Like the Voodoo2 (at best) now ! So if you've an adventurous soul, just go for it