Sounds like GHz/Boost clock spikes kicking in, I had that problem with Ice-Q/TFIII combination and chucked the TFIII for another Ice-Q and all is well now with no spikes.
It's more an issue with oc's though I thought than with stock clocks, but here's something to try.
Before I start, if it's the big blowers moogley like mine, AB only applies clocks, it doesn't move voltage even though it reports it does, so don't use AB or any other oc tools.
If you want to use AB OSD you still can, but you need to open it after you have worked in His iTool but make sure you don't change any clocks/voltage.
1. In your case moogley, download and install His iTool>restart.
2. Download ULPS GUI Config Utility (enable/disable) reg entries from here:
http://www.overclock.net/t/1088266/ulps-gui-config-utility-enable-disable
(I think it only works on W7 but you can try on W8)
Right click disableulps.reg file-run as administrator>restart.
Or manually disable ulps>restart, but the above is simpler.
3. Open His iTool and set the settings like so:
If it still spikes, manually set the voltage on the core to +1 and give it a try and also set 'and restore clocks'.
Let me know how you get on.
@Rossi, you can try out the steps too but use the asus tool instead to force constant voltage if you can.