It's your money, you do what you want with it. It is certain that you can underclock the 7770. You can underclock pretty much all graphics cards and the Radeon 7000 series is no exception. It's done the same way as overclocking with the utilities like Afterburner. Remember, TDP is not directly power draw and that underclocking reduces power draw. The question is whether or not the clock rate will need to be changed when you drop the voltage. Maybe it will, maybe it won't. If you can drop the voltage without losing stability then you won't need to sacrifice a few % of performance to lose the PCIe connector. If you need to drop the clock rate too, well then you lose a little performance, but it's still doable and the underclocked 7770 would then be the fastest card that doesn't need a PCIe power connector.
How is this a smart move that way? AMD wants to sell the 7770 too, you would just buy a 7750 instead because it's the fastest card that is intended for use without a PCIe power connector. I could understand it being a smart move if it requires people to use a PSU with the PCIe connectors because if they didn't have one then buyers would need to purchase one, but AMD is still the graphics cards maker with the fastest graphics cards that don't use a PCIe power connector and that wasn't the point you tried to get across.
Yes, it would be convenient if the 7770 automatically adapted to using or not using the power connector, but AMD decided to leave that to us because for whatever reason they wanted to increase the power usage so slightly over the PCIe slot maximum just so they could market the cards as GHz edition. If the card automatically underclocked itself to below 1GHz, then it would be incorrect to call it the GHz edition. AMD undoubtedly didn't even consider automatic underclocking, but if they had then it probably wouldn't have been done anyway because it wouldn't fit with their current marketing scheme.
AI won't criticize you for wanting to pay more than a 50% premium just so it doesn't need a 6 pin connector, but that puts it in the price range of much faster video cards that would offer far greater performance for that same amount of money. Even the 6870 is considerably faster than the 7770 and it can be found for $150-$170, occasionally cheaper when it's on sale. $179 is around the price of a cheap GTX 560 Ti and that's even faster than the Radeon 6870... If you want to pay a huge premium for not using a PCIe power connector, that's your choice, but that's a pretty big premium that you're willing to pay. I know I wouldn't pay that huge of a premium because that would cost more than getting a 6850 and a high quality 500-600 watt PSU to handle the increased power draw.
If you want to use a current generation graphics card, then the Radeon 6670 is probably the best you could get without a PCIe power connector, not worth it because it's just too slow for modern gaming. I don't know what you do and I don't really know what you are looking for. Excluding an undervolted/clocked 7770, the 7750 should be the fastest card that doesn't use a PCIe power connector, possibly also excluding a non-reference 7770. If you want the most performance without an addition power connector and without a hassle of changing settings, then the 7750 is the best option for you. You can even overclock the 7750 (if that's your thing) significantly without worrying about power draw because of it's very low 55w TDP.