Underclocking the RV770 core even more on your HD4850 is not going to make much of a difference at IDLE. Going lower than 500MHz might shave off 1W or so, but that's it.
You might get some savings underclocking the GDDR3 memory down a bit more from the IDLE clocks, but there also isn't much benefit there either.
You can try using the latest Ati Tray Tools beta to set lower IDLE voltages. It will only allow you to go within the range set in your card's BIOS.
Underclocking/volting isn't as huge a factor for the HD4850, as it is with the HD4870/90 cards. Since ATI didn't properly utilize GDDR5's power saving features, the user is left hanging to figure out how to lower power consumption and temperatures on their own, via manual underclocking of the memory speeds during IDLE.