It would probably be best if you followed a guide such as the one linked below. I am over-clocking my CPU but far from being an expert on the topic.
I do know that if you are not sure about the settings, small steps are always preferred. And by all means watch your temps, even though you have a water cooler, your temps can still get away from you.
Newbie Overclocking Guide
It wouldn't hurt to find someone who is over-clocking with a comparable system. That way they can give you settings that will match your system better.