No, ATI's implementation of their BIOS has absolutely zero way to impact voltage sent to the components of the card; voltages are entirely handled by the onboard regulation circutry. Unless you modify that circuitry, you have no way to modify the voltages sent to the GPU, the DRAM or any other component on that card.
What allows some BIOSes to overclock further is the timings built into the BIOS. Just like your system ram isn't stable at 2-2-2-5 at ALL speeds, such is the story on your video card ram as well. A BIOS with different timings can allow you to overclock components on your card further, sometimes with lesser performance.
I wouldn't say all BIOS'es do not allow for voltage tweaking.
All of ATi's mobile chips have dynamically variable voltages (the chip will actually decrease Mhz and voltage when idling) You can actually force the notebook to power saving mode lower voltages and clockspeeds when on batteries.
And the mobile chips are not all that different than the desktop, its just added as a feature.