Absolutely. My PIII 700 @ 994 MHz has been at 1.95V since October with no problems. (It was at 1.9V from July until October.) I've had it running at 2.0V, also with no issues at all. You've got good cooling, so just increase it as required in 0.05V increments.
1.Old Antec Case, Asus PC-DL, 2 x 1.6 LV D1 Xeons @ 3 GHz, 2GB Corsair PC3200 @ 200 MHz, Chaintech 6800 128MB AGP
2. Old Crap Beige Case, Gigabyte GA-H55M-S2H, Core i3 530, 4GB CL8 OCZ DDR3-1600, eVGA GTX465
3. Asus Pundit mATX Case, MSI AMD Zacate E350/dual core E350IS-E45 mini-ITX, 4GB CL9 Crucial Ballistix DDR3-1333, LG Blu Ray/HD DVD & DVD Burner