I did some searching around and there are lots of mixed feelings about Speedstep. I've always had it disabled but it's nearing summer now and I would love to have a cooler running CPU if possible. I already dropped the overclock from 3.2 to 2.8.
However, the lowest multiplier is 6x so it doesn't seem like a big drop at all going from 7x to 6x. I guess if it gets too hot in the summer I'll just clock it down to 2.4 and undervolt it some more.