try using a different mothboard probe like MBM, I dont have the link offhand, you could get it using a search engine.
There is in fact no way you could reduce this voltage, there are very few boards that will allow you to alter the I/O voltage, almost all will allow changing core voltage. It probably isnt the power supply issue too, since there is a regulator on the motherboard that supplies this voltage, its reference is probably way off.
If it isnt affecting the stability of your system, you might want to overclock the system a bit, increase the FSB in steps while the system stays stable. Increasing frequency needs increase in voltage for proper signalling. You can take advantage of this overshoot and increase the FSB to close to 166 (if your memory permits), dont try to change the multiplier just yet. This way you could use he problem to your advantage and have a faster system as well.
girish
<font color=red>No system is fool-proof. Fools are Ingenious!</font color=red>