I think most of the people that overclock P4's are suggesting 1.6v and below, but they are rated for 1.75v max Vcc, so if your sure your motherboard doesn't overvolt then you should (by ratings anyway) be safe to 1.75v. I lost a P4 running it at 1.8v though so the lower the voltage the better is the general consensus.
I can get 100mhz more by running my current processor at 1.75v (1.7v by sensors), but instead run it at 1.6v (1.55v by sensors) and accept the minimal loss of speed for the security of knowing its less likely to die of SNDS as my other chip did.