Every single one of my 7800 series cards has overclocked according to ASIC quality. I have owned two cards which overclock with complete stability above 1300MHz. One was a 7850 than reached 1360MHz stable (at 1.3v with an Accelero TTII cooler) and the other is my current 7870 than does 1325MHz stable (1.3v stock Windforce cooler). Both of these cards indicated 84-85% ASIC.
The worst card I owned was an MSI TF3 7850. It had an ASIC of 64% an struggled to run stable at 1050MHz, no matter the voltage. The remaning 3x 7850's I have owned (I build systems for other people), overclocked somewhere between 1150 to 1250MHz and had ASIC's between low 70's to high 70's.
Now, ASIC is not the only determining factor. If you have poor components on the PCB, poor power regs, perhaps a poor mobo or PSU, this may restrict a even a great GPU, but I believe higher ASIC "improves the chances" of obtaining a high overclock.
One thing that is CERTAIN is that AMD determines the default voltage supplied to the GPU by ASIC quality. This indicates that lower value ASIC's require more voltage to run at stock speeds. This would also indicate that higher ASIC's will have more headroom for overclocking due to cooler running temperatures and more voltage headroom. A 7850 GPU with 1.218v default volts can only be overvolted by a small percentage, but one with 1.050v has a much wider margin.
I consider myself in a good position to judge because I have tested multiple GPU's with multiple ASIC values within exactly the same system. It cannot be coincidence that all of my 7800 GPU's scale according to ASIC. If anyone can show me a 60-70% ASIC that can match either of my 84/85% 7850/7870's I will eat my words.
I also believe that ASIC does not apply to such an extent (if at all) for NVidia 6 series cards, mainly because all of my 6 series cards have indicated 100%. Perhaps GPU-Z simply reads these incorrectly, or maybe the reading is simply mute.
Remember that the GPU is not the only component which determines GPU overclocks. The PCB is critical in the same way that good or bad motherboards will affect CPU and memory overclocks. ASIC is measured by overall quality of the silicon wafer, and GPU location within that wafer (quality tends to improve towards the centre of the wafer). You can still get defects (areas of lower quality) within even the best wafers, so even GPU's taken from the centre of the purest wafer may not be the best overclockers in the world. They just have a better chance.