CPU Overclocking Guide:
If you want an easy shot at it take a look at the video before the benchmarks.

You dont need to change the BCLK but you can. Changing the CPU multiplier here or in the Advanced CPU Core Features will work equally. If you want you can enable XMP. For further memory OC proceed to the memory OC section.

Always enable CPU PLL Overvoltage for overclocking. If you want the CPU frequency to drop with load (drop multiplier when idle), then you should enable EIST.

3D power menu. PWM Phase Control set at highest performance is best for fastest speeds(allows free flow of current to the max). VCore voltage response isnt very important, but you can set to fast. LLC for air OC is best at Turbo, Extreme is best for LN2. You can see how LN2 works in the top of this article. The rest of the settings should be changed only for LN2, except perhaps max current.

CPU VCore can be set to whatever you want, BIOS F3 and F5n have ability to take vcore above 1.85v. Now Offset VCore is useful for 24/7 OCs if you have the multiplier drop under idle, then you can also have the vcore drop if you use offset. To use offset then set vcore to normal and then set an offset. If you use offset then use a much lower level of LLC.
DRAM voltage is nice, better down in the memory OC section.
Memory Overclocking Guide and Results:
Tips for memory OC on the GIGABYTE boards.
Memory Multiplier: When you change a multiplier many background timings are set per each, and they get looser with each higher multiplier. These settings cannot be altered by you, only by the selection of the multiplier, which is why some multipliers work better for certain types of memory. If that is the issue, you can alter BCLK to help get above that mark.
BCLK: Realize that BCLK also puts strain on the system agent (which the IMC rests inside).
DDR Voltage: For Samsung I found my sticks dont like more than 1.85v, Hynix however liked higher than that. I have set 1.8v for all my profiles, if you dont like that then please lower it before applying the settings. If you are working from scratch, then please go up slowly. (Also some guys turn up CPU voltage, if they do that it can be a sign of two things, first off higher CPU voltage is part of getting around a cold bug, also it can help warm up the CPU if on air, as some CPUs actually can initialize better with memory when they are warm (usually ES). )
CPU Multiplier: Lower CPU multiplier is easier for higher CPU speed validation.
CPU PLL Overvoltage: Enabled this for sure (required in some cases for 24x+ divider to work).
VTT/IMC voltage: keep these in ratio, dont just set the VTT at 1.2v and set IMC at 1.3v, IMC is lower than VTT, by anywhere from 0.01-0.1 volts. I use 0.05v difference. Go up slowly, as my CPU hated any increase in these voltages.
XMP: XMP should be enabled; you then can change the timings available to you.
2nd Timings: Timings generally increase performance when lower and increase stability (and thus speed) when higher. However there always needs to be a special balance for things. If you set a timing lower than it can be set, then it will be adjusted to its max value automatically.
Tertiary Timings: These are kind of tricky, for Hynix you can max them all out 8s and 7s, and you can be okay, but sometimes these timings have to be set accordingly with the other secondary timings or else you will fail to boot. You can try different combinations of the 3rd timings I have listed.
If you want to know more about memory timings, go to JEDEC website and download the DDR3 specs, its free to register and the downloads are free, and you can even give input if you know better than them(lol). Memory timings are confusing sometimes, that is possibly why everyone loves the memory profiles from ASUS. These timings listed below are ones I have listed as what I have used.