PCI-E bandqith Physx and Borderlands 2

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yes you can but it wouldn't be advisable to downclock the memory.
here are some overclocking on a zoltac card (keep in mind all cards achieve different results!)
Overclocking
Maximum stable clocks of our card are 1102 MHz core (22% overclock) and 1111 MHz Memory (25% overclock).
that is pretty good considering i doubt the card is on anything but a reference PCB. you may get either precisionX or afterburner to overclock the card. then you can get PhysX FluidMark to test the physX performance.

also a gpu can be finicky when overclocking. ( i am just pulling numbers out of the air) you may find a good increase in performance with a 12% overclock but a decrease with a 15% but then a not so great of a bump with 18%. now the difference between 12% and 18% may not be worth it so *i would* run the 12% knowing i am getting the best performance without stressing the gpu unnecessarily.

it will take time and patience to figure out what is the best configuration. try not to take short cuts by jumping on a 15%+ overclock immediately. you'll learn a lot more by taking it easily then jumping on a % figure blindly.
 
But wouldn't that just up clock for core? I would like to fiddle with the shaders only because those are the ones that do the calculations and see if it improves fps drops significantly, bringing it closer to Fermi level.

Maybe I am being a noob about this... OC the core also OC the shaders? Is that it?