may i ask where you heard this? i suppose you're going to breadboard your own transformer? please be aware that any mistake you make might fry your motherboard, at least, or you, since you'll be dealing with line voltage...
if your machine is running too warm for you, consider an iLap or any of a number of similar devices which do nothing more than widen the airgap below the machine to allow more heat to radiate away, instead of being trapped under the machine.
if your battery life seems too short, have you recalibrated it recently? have you tried resetting the PMU? both are very easy to do.
i have no experience w/ overclocking your GPU, but as i allude to above, you seem to be walking down a very strange path here...
i'm still be interested in hearing where you heard about how undervolting would improve battery life and temperatures... plz post back w/ that - thanks! cheers