The limit is locked by the GPU so all you are doing is allowing it 100% of the max value. There is no extra mv options on pascal - if you don’t set it at that your 120% power has no effect really.
It’s safe bud, nvidia hard limited it which is one of the more annoying things on this chipset and the reason AIB cards don’t gain a lot on pascal.
Well, I cautiously gave it a bit of a go with a bit higher voltage. Not a success. At the clock speeds I used for my benchmark results the card was being power throttled at times even with 133% max power draw, so increasing voltages just increased power draw and thus throttling. There's no point going over the 1.062V default and it doesn't seem possible to undervolt it, at least not with Afterburner. 0 on the GPU voltage is the default and there isn't a negative setting.
I had a poke around for some power consumption results and found what I expected, e.g.
http://www.tomshardware.com/reviews/nvidia-geforce-gtx-1070-ti-8gb,5311-16.html
http://www.tomshardware.com/reviews/nvidia-geforce-gtx-1070-ti-8gb,5311-16.html
Their max stable overclocked MSI 1070Ti Gaming drew 233W. 133% power limit is 180x1.33 = 239W. Mine was clocked higher than theirs, so it would be drawing more power. Mine is much better cooled than theirs (I have very good case cooling, so the heat moved off the graphics card is shoved straight out the back of the case) and so I get much lower fan speeds and that would reduce power draw somewhat, but not enough to more than offset the increased power draw from the higher clocks.
It seems that I got lucky with the card and I have my case and cooling set up well, so I'm not being bottlenecked by either temperature or voltage. I'm being bottlenecked by total power draw, which is banging up against the 239W limiter and causing throttling. Afterburner monitoring confirms this - power throttling occurs frequently.
To get a higher result I'd need a higher maximum power draw, which as far as I know would require a different BIOS on the card and a different PCB. The ratio of power taken from the slot and the cables might have to be changed (depending on how it's handled at the moment) and an additional power cable would be required to stay in spec. Actually, it's already a little over spec at 239W (spec would be 225W). The power consumption monitoring in that review shows that nvidia/MSI have done it right - any excess is drawn from the cable, not the motherboard.
The only thing I could theoretically do would be to cool the card in a different way, one that's powered seperately. That would reduce the power draw of the card by whatever amount it takes to power the fans, giving a little more power for the card itself. But that would be silly for the small gain.
I'm going to count that as my final score and return to stock settings.