ATI have a long history of issues with multi display setups, there are work arounds to smooth out most of the issues now but it continues to rear its ugly head at frequent intervals, if you want to run a multi display setup with the least amount of issues and better support then nVidia is still where the money is.
Since DAY ONE you could disabled powerplay EASILY, which fixes ALL the issues, grey screens, any odd crashing, flickering, fixes it ALL.
Guess what Nvidia haven't "fixed" anything they have the same issue and the only fix is to run full 3d clocks with a dual display setup. The ONLY difference is they had 6 months to get it right from the start, nothing more or less.
Its a gddr4 issue and both companies have EXACTLY the same problem and almost the same fix.
Its really only the memory on AMD cards you need to whack up to 1000Mhz the core you can actually get away with at stock but 400Mhz is "safe" the power usage with "idle" clocks of 400/1000Mhz still has ridiculously lower "idle" power usage than Nvidia.
Grey screen, the majority of crashing is usually powerplay, and Nvidia has the same issues most of the time, being late simply let them hide the problem, however I think its not hard to agree Nvidia didn't WANT to run at full clocks and full power usage when running dual monitors, neither did AMD.
To the OP, go into more detail on what exactly you did to hacked CCC profiles, afterburner, what overclocks you've tried, what drivers you are using and what you did in gpu clock tool.
In general GPU clock tool, used when you boot will disable powerplay(that might be different on newer cards with newer bioses, original cards with the first bioses would all have powerplay completely disabled when setting clocks with gpu clock. Set your normal 3d clocks in gpu clock and that fixes 98% of all issues 98% of the time.
AFterburner, is odd, really no matter what you set in Afterburner CCC/bios idle clocks kick in when idle.
IE if I go into afterburner and set 775Mhz overclock on my 5850, at idle it still drops down to where CCC has idle speeds set, on an original card this is unfortunately 137/300, which is awesome for power usage and awesome on single display setups. Dual display you want 400/1000 as minimum clocks. Unfortunately bios set numbers are designed to override in idle/3d/other modes.
In general since 10.1/10.2 it would largely set the correct idle numbers for dual display setups but the second you overclock you override the "fix" also.
The other thing that you can do, in afterburner if you overclock past your CCC limits, so on a stock 5850 your limit on a normal card is 775Mhz, if you set 776Mhz and up, CCC will no longer drop the card back into 3d idle modes.
AFterburner 2d/3d mode is largely for when you've gone past CCC overclock limits and so you can have your own idle speeds, but setting a 2d speed in afterburner won't stop the CCC dropping it further.
This is why I also go into profiles and edit the saved profiles to set 400/1000 as the lowest speed it will drop to.
Yes it should be better, but its designed a certain way and neither AMD/Nvidia counted on gddr4 causing flickering. Most people, as in the massive massive majority still run a single screen and so the drivers are set up for that first and foremost, which again is understandable, but as there has been a way to fix any issues, from day one, if you ask for help, I won't complain. THough there should be a "dual display driver" a la Nvidia that simply disables powerplay with two screens in use, I'd still use this and have more control over speeds in any situation.