Sort of. High voltage means high heat, and if you don't get it cooled then the GPU will throttle or cause a crash.
Higher voltage in an integrated circuit will reduce the lifespan as well as that of the power circuitry. Depends on how often you replace your GPU if it will really matter. If you plan on more then a few years you probably shouldn't be looking at overclocking.
I have a similar, but slightly lower spec EVGA 970 card I've been messing with at school. That voltage is OK for me, and my card has the reference cooler. What games do you notice the FPS drop, and is it situational, or random?
I would not want to go over 1.25V, however. That's my limit for Maxwell.
The FPS drop, it's situational and random at times. Also, do you mean I should just max the core voltage because the voltage monitor said 1.243mV and that is below 1.25V
You have reached about the maximum I would want to go with a Maxwell. You could try 1.25V. You can push the temperature to 85C or more in intense action for moderate periods.
I'm not convinced that the problem is with your GPU anyway. What's the rest of your system (CPU, motherboard, RAM, and PSU, in particular)?