what motherbaord are you using?
the advantages of vcore offset is the ability to utilize Intel Speedstep (EIST). speedstep will down clock your CPU when idle or when the CPU is under a light load. this will lead to a slightly cooler CPU in the long run. as for disadvantages, i cant seem to find any as your turbo voltage offset can counter-act the disadvantages that come with offset vcore which is the fact that offset vcore is applied to both idle and load voltages.
as for turbo voltage offset, depending on the value (lets say +0.10v), when the CPU is running at the specified turbo speed it'll add an additional 0.10v. so if your CPU is using 1.16v on full load @ 4.4, it would be 1.16v + 0.10v = 1.26v. this is quite a jump in voltage which may lead to a jump in temperature. you can try starting with something like +0.010v instead.
offset vcore will do exactly what turbo voltage offset does except it will also apply the specified value to your idle voltage. so if your unstable during idle, using a positive value on the offset vcore would help keep the chip stable during less intensive work loads.
so lets say your 4.4ghz overclock is unstable during the less intensive work loads. what i would do is apply a positive offset vcore and test until i find the right voltage; but, doing this will also raise your full load voltage. this is where turbo voltage offset comes into play, using a negative equivalent value as the offset vcore will effectively get rid of the additional voltage being added during full load, allowing you to keep your load temps under control as well as keep your CPU stable at idle. i hope this will help you get a general idea of how offset vcore and turbo voltage offset can be used together.
your temps seem quite high for only 1.16v, are you on a aftermarket cooler? or are you using a software that came with the motherboard that's showing you those temps?