55 is not that high at load, especially since you are overclocking. thats actually quite a low temp for having that much voltage.
1.20-1.35 may be stock voltage range. but you should have no problems running it up to 1.5+ every day. especially if you have that low of a temp with 1.6V.
1.5 and even a little more is within the specs of the chip. if it is a brisbane i would try to keep it a little lower than 1.6V.