One other thing: if you buy a factory overclocked GPU like an EVGA SC or SSC or FTW variant, the chips in them are binned for the highest quality and have better overclocking results above even the factory overclock without even needing to increase voltage. I find running a 160Hz overclock on the GPU core the sweet spot where no increased voltage is needed to remain stable.
Regarding life span, I have had two agressively overclocked CPUs (E8400 Core 2 Duo, and i5 2500K). Both had quite a bit of voltage pumped to maintain a high overclock (4.4GHz on the E8400, 4.8GHz on the 2500K). They both are still operating fine, but are back at stock speeds due to being just backup PCs now. However, over time, I did notice that each chip required gradual slight upticks in voltage to maintain the same O/C speeds...that is classic CPU degradation, and if maintained long enough, would have killed the chips entirely.