My colleagues here are closer to "major league geek" and I could still be in the "minors."
But here are some tips. First, distinguish between unloaded Turbo voltage and loaded VCORE. Be familiar with the difference between VID and VCORE. You'll especially want to monitor VCORE and pay attention to it as much as anything.
Use "Adaptive" mode settings, and either leave Offset on "Auto" or set it to the nominal one notch above zero. For 4.5 Ghz, start testing your overclock with 1.280V showing as "load VCORE." You'll start by setting the adaptive voltage "for Turbo" somewhere near that number, and find that the loaded VCORE is still a tad higher than you wanted to set.
You should probably set Load-Line-Calibration to a notch above the middle setting; on my ASUS board, it is "Level 5." It is possible to determine approximately what "Auto" gives you at stock speed and voltage by watching the actual VCORE in a comparison to what the lowest setting provides -- assuming you don't crash your system at stock settings just to find out. But the ASUS Z170's seem to default to Level 5 with an "Auto" LLC setting.
Leave EIST and the other power-saving features "enabled" or "Auto." For 4.6Ghz, start tuning either up or down from a load VCORE of 1.344V. Again, what you set in the BIOS menu will be trial and error against what a windows session will show as load VCORE during a brief stress-test. Again, my best guess is that an ample but reasonable load VCORE might be just a couple-notches above 1.344V -- more or less. At 4.7, figure the load VCORE at a sensible LLC setting should bottom out between 1.39 and 1.408V.
Temperature may limit your overclock, so you might be most comfortable if that's the case with 4.5 Ghz. Personally, I think you're "at the end of your string" if the Peak Package temperature during stress-testing goes above 80C. A 212 EVO cooler might put you "right there" at 4.5 Ghz. Even if the chip is safe at higher temperatures, the overclock is less likely to be stable because of temperature-generated electrical noise.
If you get this right, you'll see the VCORE drop to between 0.7 and 0.8V during idle under EIST, and rise to the range between load and idle Turbo with a stable overclock. The difference between the loaded and idle values is probably an indication of the "vDROOP" remaining with LLC in effect. You always want to keep a few millivolts of droop.