TI specifies the following lifetimes in their docs:
3.3 Recommended Operating Conditions
All OMAP3530/25 modules are used under the operating conditions contained in Table 3-3.
Note: To avoid significant device degradation for commercial temperature OMAP3530/OMAP3525 devices (0°C ≤ Tj ≤ 90°C), the device power-on hours (POH) must be limited to one of the following:
• 100K (11.4 years) total POH when operating across all OPPs and keeping the time spent at OPP5-OPP6 to less than 23K (2.6 years) POH.
• 50K (5.7 years) total POH when operating at OPP5 - OPP6.
• 44K (5 years) total POH with no restrictions to the proportion of these POH at operating points OPP1 - OPP6.
Note: Logic functions and parameter values are not assured out of the range specified in the recommended operating conditions.
Not long enough for you?
With 8 hours/day of power-on-time, it'll last (at full performance) for 15-30 years, depending on how often you play heavy games. I think some other parts will break down long before that...
IIRC, the earlier firmwares could not automatically switch OPP-domains, so it got put at the default OPP3. If I'm not mistaken, it now goes back there when there's no heavy stuff running, so you won't actually be running at OPP5 all the time if you increase the speed.
TI guarantees that the chip can run properly at the specified speeds (500Mhz for OPP3, 600Mhz for OPP5), within certain power constraints, at those performance domains. However, those are worst-case numbers, so the chance that your chip can run significantly higher ( or reach its speeds on a lower OPP) is quite high. Heat isn't really an issue, the complete chip normally consumes <2W at max, which can be easily dispersed. The ARM-core only contributes <500mW to that... The really limiting factor for TI is power consumption. Battery lifetime is, for most mobile devices, more important than pure speed. There's also a slim chance that some transistors aren't able to switch at higher speeds at those voltages (more likely at OPP3), which may cause funny things...
All in all, overclocking is quite safe. The worst thing that can happen is that it'll crash, or cause unstabilities, and power-consumption goes up (and as such, battery-life goes down).