You can reduce it further if you lower your clockspeed.
I'd run a stress test. Prime 95 or something like that to see if one of the cores fails and just keep reducing vCore until you get to something you like.
Every chip is different. The only way to know how much you can decrease the voltage would be to try reducing it to different levels and to run tests to check your stability, like kirbyrj suggested.
I think for simply lowering vcore you don't have to run long instances of prime95. I'd go with Intel Burn Test with 20 passes until I get a voltage that fails at least 1 pass. Then I raise vCore one notch higher and go for 40 or 50 passes, if it passes that I call it stable. It's probably quicker than doing 12+ hour passes of Prime. This is what I did with my Q6600 when I OC'ed it to 3.0ghz (9*333). I was also able to lower the vCore significantly despite the OC.
Prime is great for testing all the components (MCH,Mem and CPU), but it looks like you're just testing the CPU. IBT is pretty much ideal for this situation and is much faster to know when it is or isn't stable.