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1.48v ??? Seriously?
Do you have a C0 i7? My D0 only needs 1.318v for 4GHz. I think your temps are super high because of the high volts.
^ My setup is really close to yours and I'm definitely seeing significantly lower temps (30-75 degrees)than you are for 3.8 gHz (not much slower). Have you tried turning the voltage down a little or using a different kind of thermal paste? I agree that stability is the real key, but you might be able to get those temps down a little without losing any performance/stability. You might be able to run 3.93 @ 1.265 volts.
You might also check the seating on your V8. I tightened mine up a bit and saw a 5-10 degree shift all of the time.