craigix went one step further and did a hardware test. The bottom line is -> almost all GP32's can acheive 156Mhz with no damage a lucky few can reach 166mhz with no damage and a small minority cannot get over 133 without locking up.
Although there is still no absolute evidence it seems as if everyone is fine as long as they stay beneath 166mhz and no one develops and releases their program on this site is likely to go beyond that as there is no point or need.
The only way I think anyone can come to any harm is if someone made a file which set the GPclock speed to 2ghz or something.
Software is simply not nessacary when simply running an emu with a clock change option will allow you to see how far you can go before it freezes.