Hope I'm not being a complete ass here, but you are wrong,Technonut....well, at least not 100% correct.
Let me explain:
Electromigration is an effect that occurs when an extremely dense electron flow knocks off atoms within the wire and moves them, leaving a gap at one end and high stress at the other. In a chip, the formation of such a void will cause an open circuit and result in a failure. At the other end, the increase of stresses can cause fracture of the insulator around the wire and shorting
What this amounts to is the fact that when an electrical current passes through a conductor some of the metal atoms is swept along with the flow of electrons.
There have been a lot of scientific papers published on the effects of electromigration, although nearly all of them focus on forced electromigration for chip test purposes. There is almost no literature or documentation on the effects of electromigration neither during normal chip use nor overclocked chips, but when reading about the forced electromigration one can clearly see the similarities with overclocked chips: The higher temperature, the higher possibility for electromigration to occur.
The maximum operating frequency is proportional to (Vth-V) 1,25/V, where we assume Vth is 0,6V. Between 1V and 3V, the operating frequency is approximately proportional to the supply voltage, meaning that if you have a CPU that does 850MHz at 1,5V you will most likely make it run at about 1,0GHz to 1,13GHz when you increase its core voltage to 2,0V.
Increasing the core voltage automatically means higher wattage output of the chip; doubling the voltage means doubling the frequency, but it also increase the total wattage output by about 800%. If a CPU that originally emit 25W it will at double voltage and speed now radiate 200W of heat!
As most CPU designs nowadays are moving over to the copper interconnect technology because of speed and price considerations, this change over also has a hidden bonus. Research has shown that the dual Damascene Cu has a much higher resistance to electromigration than the previously utilized aluminum interconnect-technology.
The higher the temperature and voltage within the conductor, the faster the metal atoms will move, and the faster the chip will fail due to electromigration. There is not much we can do about this, as there is really only one factor we can change ? the temperature.
Now, over to the original question:
Yes, an increase of voltage will help, and yes, better cooling will both prevent electromigration, increase stability of your chip and most likely let you run your chip at a higher speed than earlier. I would say 1,8-1,9V is safe with your cooling, but you might consider getting a TEC for it.
Hope this helps!
Duckman