u realize that the 212 evo has better vrm cooling than the h60? a closed loop cooler has no fans by the socket itself other than the rear exhaust, at least the 212 evo moved air thru the heatsink and at least a little moved some air past the vrms. Either way getting some heatsinks on them will help alot. As blackbird said the 4+1 power phase is not best for overclocking, but it can prob at least hit 4.4-4.5 with a lower voltage setting.
I would use the bios for sure, i havent personally used overdrive, but i have used the asus auto oc feature which worked quite well for my needs and is still going strong, the software is the first gen of turboevo where ur board has AI suite II i think, but ur still limited to ur boards capabilities. Its a good way to get a good start for a higher overclock, but on ur board it may not help so much.