In terms of MSI AB extending the core/mem/voltage ability for the 7950, the answer is yes although some members seem to have difficulty getting it unlocked. I run my OC's through afterburner on my 7950 and i maxed out at 1200/1800.
7970s vs 7950s OCing ability is a difficult question to answer. Not all cards win on the silicon lottery, but taking from the best case scenarios i've seen from both cards, the 7970 is usually 5%-8% faster clock for clock at best, meaning to match a 7970 running at 1ghz, you'd need a 7950 running around 1050mhz at best case scenario. With that also said, the lottery plays a big role since you can buy a 7970 that maxes out at 1100mhz core meanwhile you could end up buying a 7950 that maxes out at 1200 on the core. With the above math you'd end up faster with the 7950. This could also play out in terms of a role reversal where the 7950 won't OC far enough to keep up or outpace the 7970. Lottery is always a bit of a gamble. If $ is not a concern your safer best would be the 7970, if you're strapped to a budget then get a 7950 and take your chances.
I will say from my readings that 7950s tend to be insane overclockers. The Owner's Thread on this forum can attest to that. It's not uncommon to see 30%-40% overclocks on the core frequencies. 7970s tend to overclock very well as well.