BD, 
Asrock’s UEFI bios settings are similar to your Asus MB just named differently.  I’ve added some screen shots so you can compare Asrock’s bios settings to your MB’s. 
To get UEFI screenshots on the Asrock MB insert a FAT32 flash drive into a USB2 port and hit F12.
Optimized Setting - 4.6 Ghz
I thought I’d take Zap’s suggestion and try the one stop shopping optimized settings first. It took me more than 10 seconds though to set it to 4.6 Ghz since I had to input my ram’s XMP profile. 
The damn thing actually worked. It defaulted to a Level  5 LLC so the load vcore voltages were lower than I expected. 
All settings were left on Auto and all energy saving settings were enabled. The bios vcore was 1.360 - 1.368V, but since the LLC was on Level 5 load vcore readings (CPUZ) were 1.336V - 1.344V. Average high temps were 64C for Prime 95 (Large FFts, 20 hrs), and 74C for IBT (max ram, 50 runs), ambient temp 78F. Idle vcore was 1.024V - 1.120V, and average high temp 30C.
Edit: I've set PLL Overvoltage to Enabled, when set to Disabled the BCLK was reading 99.8 (CPUZ) when set to 100.
I tried the 4.8 Ghz setting but it hard locked before I got into Windows. The lit CMOS Reset button on the back of the case is a nice feature.
		
		
	
	
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Vcore Fixed Voltage Mode
The Turbo Boost Power Limit is not selectable in optimized settings, but when you switch over to fixed or offset mode the settings can be seen from your last oc. The default is 118 and 95 but changed to 213, 190, and 1 when set to 4.6 Ghz optimized.  Since these settings worked I used them. I’ve seen others setting this to 200, 200, 1 and higher.
Other settings:
Internal PLL Overvoltage: Enable, some say to Enable over 4.5 Ghz. Anyone know why?
Core Current Limit: 150, others setting this to 200, but 150 worked in optimized mode.
Additional Turbo Voltage:  Auto, others say to set it to its lowest setting 0.004V. Their explanation:  If additional turbo voltage is left on auto it'll adjust to what it thinks is needed based on VID values. I didn’t see this in fixed vcore mode when set to Auto. Is the Auto setting activated in fixed vcore mode?
Spread Spectrum: Disable 
CPU Load-Line Calibration: Level 1
 From a German review of this MB:
  LLC-----Bios Vcore----Load Vcore
Level 1-----1.300	-------1.317
Level 2-----1.300--------1.297
Level 3-----1.300	-------1.276
Level 4-----1.300--------1.256
Level 5-----1.300--------1.238
All energy saving settings were enabled.
I left all other voltages on Auto. Others suggest lowering some of these to help lower vcore temps and be a little greener. I didn’t see any change in vcore temps when I did. If your oc’ing your ram, I’m not, it may help raising the VCCIO/VTT.
           Intel Specifications
----------Min-----Typ-----Max 
VCCSA---0.879---0.925---0.971 
VDDQ----1.425-----1.5----1.575 
VCCPLL---1.71-----1.8-----1.89 
VCCIO/---1.02-----1.05----1.08
VTT                        
I found at 4.6 Ghz that I needed 1.330V bios to be stable. With an LLC of Level 1 this gave me a load vcore of 1.328 - 1.336V (CPUZ).  These are only slightly lower than what the optimized setting gave me. Idle vcore was 1.312V - 1.320V. Average high temps were 63C for Prime 95 (Large FFts, 20 hrs), and 73C for IBT (max ram, 50 runs), ambient temp 78F.
I tried for 4.7 Ghz up to 1.45V. No go. 
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Vcore Offset Mode
The problem with using a fixed voltage is the high vcore in idle and at low load. Vcore Offset Mode acts like the optimized settings and increases the vcore under load. Setting it to where you want it is a balancing act between vcore, LLC levels, and Additional Turbo Voltage.
The only good thing I found about Asrock’s Extreme Tuning Utility is that it gives you the CPU Voltage offset for optimized settings. You can use that as a starting point for your vcore Offset Mode.
 
In my 4.6 Ghz optimized setting the CPU voltage offset is +0.075V and LLC Level 5. When I set the Offset Mode to these settings I should have gotten the same load voltages, but I didn’t. They were lower, 1.320V -1.328V (CPUZ).  Low enough to make IBT BSOD after 3 runs. I suspect that in Offset Mode the Additional Turbo Voltage is not kicking in when set to Auto. Raising the Turbo Voltage to +0.027V increased the load vcore to 1.328V- 1.336V (CPUZ). Average high temps were 64C for Prime 95 (Large FFts, 20 hrs), and 73C for IBT (max ram, 50 runs), ambient temp 78F.
Increasing the Offset Mode to +0.080V, LLC Level 5, Additional Turbo Voltage set to Auto, also worked. Load vcore was 1.328V - 1.336V (CPUZ).
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Since the 4.6 Ghz optimized setting runs great that’s what I’m currently using. The load voltages are just a tad higher compared to the fixed mode voltages but my temps are running about the same. I like that little extra voltage cush to keep it stable. 
Since I can’t get my CPU over 4.6 Ghz my cheapo, paid $20. shipped, CM Hyper 212+ heat sink can handle the load temps at 1.34Vcore average (CPUZ).