I think my voltage typically sits between 1.23 and 1.24v. That's at 43x, so I'm guessing you can drop your voltage quite a bit.
LLC resources:
http://www.overclock.net/t/657317/vdroop-or-not-llc-poll
http://www.anandtech.com/show/2404
Disclaimer: I'm not a Sandy Bridge overclocking expert, but here's how I understand it to work.
When you set a certain multiplier and leave everything else on auto, there's a set voltage that the motherboard thinks it needs to hit that multiplier. That number is often crazy high. Using just the offset will reduce that number by a certain amount (-.04v in your case). I believe the offset will affect both idle and load voltages.
With LLC enabled, the mobo will increase the voltage at load in order to counteract vdroop. At LLC disabled, the voltage will droop at load.
Here's the problem with determining the right LLC setting: Sandy Bridge has two set voltages, idle and load. With vdroop on a Core2 processor, you would see the voltage actually decrease at load, because there wasn't a different idle and load voltage (without 3rd party software). With vdroop on a Sandy Bridge processor, you'll see the voltage increase between idle and load, but it won't increase as much with LLC disabled.
All of this makes it hard to find the perfect combination of offset, LLC, idle, and load voltages all in one step. That's why I recommend running a fixed voltage and LLC 1 to determine your lowest stable voltage at 40x. Then, you can take that number and find an offset and LLC to match.
You might also find that you can overclock more at your present voltage without much, if any, impact on heat. I found that I could run my cpu at 43x at pretty low voltage (~1.23v), but I had to increase the voltage about 1.3v to hit 44x and 1.35v to hit 45x. Since I probably can't tell a real-world difference between 43x and 45x, I set my cpu to run at the much lower voltage but still with a 30% overclock.
Edit: I updated the above to reflect the fact that the OP's mobo only has enabled or disabled for LLC and not LLC of 1 – 5 like my mobo.