IMO not alarming either the voltage or the temp. On auto Gigabyte boards typically set some fairly high voltages. It looks like the Vid (stock voltage of your chip) is 1.225V from the Coretemp screen I can see part of. I am a little susprised that you did not get higher with what is a fairly substantial increase in Vcore but it happens. Which is why below I mention bumping up the mch voltage a notch and checking the memory voltage. You overclock the entire system when you OC via raising the FSB and thus must look at it as a whole system.
Intel absolute max Vcc for the CPU (Vcore) is 1.45V on the data sheet for most if not all 45nm CPUs. That said, there have been warnings around the net and one from Anandtech where I recall it was mentioned that Intel engineers told them that the 45nm CPUs do not tolerate high voltages like the 65nm CPU and recommended Voltages stay under 1.4V. However I cannot find the article where I read that.
Look for the data sheet for your CPU on Intel.com and confirm the Absolute Max Vcc it will be in the "Electrical Specifications" section of the data sheet which is found in the "Technical Documents" section. Eh never mind I linked it for you below.
I would not worry at all until you got over 1.375 volts.
50C under load is nothing, dont even be concerned until you get around 80C .
Give it the next bump in voltage available and give the mch a bump in voltage and try again. If using high performance memory make sure the memory voltage is set to the higher end of the manuf specs, look it up on the manuf site, do not go by specs in an ad from where you bought it.
Absolute Maximum and Minimum Ratings
Symbol - Parameter- -----------------------------------Min ------- Max ---- Unit ---- Notes1, 2
VCC ----- Core voltage with respect to VSS ---0.3 --------1.45------ V ---------------------
I just put a system together today for my bro. I went for the gold first try lol. 400x9.5 with all settings on auto...rock solid at 1.296v core and 3.8ghz. This chip is amazing.