The practice of disabling every power saving feature on the board is actually being carried over from a by-gone erra. Most of those settings can be left ENABLED without negatively effecting a custom performance tune, in fact, most of them will simply make a tune more efficient. I always keep C1E, C6, and Cool/Quiet enabled. When overclocking on boards that properly support it I use offset voltage or custom P-States to take advantage of reduced power states in conjunction with the overclock.
Turbo and APM are the only settings that really need be disabled if you want to take manual control of voltage and clocks, as those features can override your handiwork. (In most cases, disabling APM will have the effect of disabling turbo as turbo is dependent on APM for on-the-fly voltage and clock scaling, however, disabling turbo does not disable APM. It's a one way relationship.).
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Since the front side of your motherboard's VRM area is basically sitting in a stagnant hole with blocked air-flow, I would advise as part of a test to eliminate VRM cooling as an issue, to under-clock the CPU-NB to 2000mhz, dropping the CPU-NB voltage to 1.15V, and then underclocking the CPU to like 3.2ghz and adjusting the CPU-Voltage to the same 1.15V or so. This will cut the power dissipation of the CPU WAY below stock. (at these settings the peak power dissipation will be like 80W). If you still get the same symtoms like this (temp readings jumping to 100C+ and forced low power states), then it's time to look at having the board RMA'd.