Actually no. If you go into the bios on a fresh overclock attempt, and just start putting in +.020 or whatever in the offset and set your multi to say, 48 -- when you boot up the bios will set your voltage to - in my case, 1.5 or so automatically -- which is not cool.
However, you can set the voltage manually to .020 or whatever you need under the stable OC voltage, reboot, then set your offset to compensate for the difference. Problem for me is that my chip is 4.8ghz stable at 1.365v. If I set voltage manually to 1.335, reboot and set offset to +0.30 - .040 it is not stable even though I'm at equal or higher voltage according to CPU-Z. Bit strange.
Adding the offset voltage to a manual voltage, for me, still allowed the system to downvolt to .9 to 1.03v at idle.
Are you saying that offset uses the previously set "manual" voltage as its base? I was under the impression that offset always uses the VID as its base.