Is it possible to overclock AND have power saving mode?

[bicpug]

Title says it all, could i overclock to 4.2/4.4ghz AND still have the power step cstate things enabled to reduce power usage when I'm NOT rendering?
(Dual fan Phantek 140mm cooler)

Haswell 4770k
MSI Z87-GD65 gaming
Teamgroup Vulcan red 2x8gb 2133mhz
Seasonic X-Series 650w '80 Plus Gold' Modular Power Supply