Put it this way.
My 7970 doesn't like anything over about 70c on the VRMs when overclocking. It's very easy for them to get higher than that when pumping the volts.
If you have a choice to actively cool them, do it.
+1
In matts AC 7970 Extreme thread and some others, vrm cooling was talked about quite a bit.
The cooler you can keep the 79s vrms, the better stability/higher clocks can be achieved.
Imo, vrm cooling is a major factor in 79 oc'ing, it doesn't matter how cool I keep the core, it flakes out when the vrms get too hot.