My i3-530 (running 2.93Ghz - stock), I currently have undervolted to 1.01v from it's default 1.175v. It’s the same 0.32 fab process as SB, although SB can run a little faster at the same voltage judging by what I've seen them do in overclocked forums.
If you turned off the TB (Turbo-boost) you could probably run the CPU at its default 3.4Ghz down around as low as 1.01-1.03v. Since the 2600K runs as high as 3.8Ghz with TB on you may need a little higher vcore than that if you don't turn TB off.
You'll have to experiment by lowering the vcore and running a stability program like Prime95, then bumping up the voltage a little above its lowest stable vcore for a little safety factor.