At the current time, adding ram to your gp32 is indeed useless unless you are yourself writing some kind of application for it that requires the ram.
Nothing is ever perfect - not all cpu's are created equal, and not all ram is the same. The maximum official speed for these is 133Mhz I believe, and anything over this is a bonus. The ram can have an effect on overclocking also (if it can't keep up with the processor, you'll only end up with corrupt data).
More voltage is only dangerous if you go too far outside the specifications on the operating voltage specified in the datasheet. Again, the highest voltage the processor can take varies with each processor. As a general rule however, more voltage = more heat, and it's this that normally makes processors fall over. On a slower arm chip (arm7 i believe it was), I found spraying it with a can of freezer spray allowed an extra 20mhz, but trying to do this whilst also attempting to play snes9xgp and it starts becoming impractical.