I'm no guru myself but as I understand it my GTL Ref settings are in the right direction. It seems to work OK for me.

I based my settings on this quote from the thread by cryptiK that I linked earlier.

If you have a 45nm cpu, you are aiming for the voltage given by the 0.635x multiplier, so to work out what to put for the the 0.667x GTL Ref (Y) values (it will be a negative number to make the resulting voltage the same as the 0.635x GTL Ref voltage
saaya posted some actual "read" voltages (for Black Ops & E8600) which showed the .635 to be overvolted at .639 which is why I use -1 for that value as it is less 5.875mV which give around the .634 mark with an actual VTT of 1.175.

Did you d/load the calculator by seban from the linked post?

BTW, I'm running 500*8 for 4.0GHz so I don't use the 10 multi option anyway, I used the same for my E3110 which is basically an E8400. My memory is 1333MHz, I'm considering upgrading to 1600MHz but prices have risen quite markedly with the "recession"

I try to keep my voltages as low as possible due to my geographic location giving high ambient air temps (I live in close proximity, within 100km, of the Tropics)

For 4.0GHz (E8600)

CPU PLL is 1.509
vcore is 1.2375
SB is default (will check actual voltage and edit)
NB is 1.25

With regard to the truth or rumour question, I've never seen these "rules" before and certainly don't adhere to them. Apart from raising vcore, nb and dimm voltages I leave most others as low as I can achieve stability with, I'm not an extreme overclocker in any sense of the description so I've never really bothered to go in depth too much as I can usually manage to attain my desired overclocks using this method. I originally started fooling around with GTL Ref voltages in an attempt to run at a lower vcore but never managed any quantifiable result, in fact I had more luck with a different bios to be honest