Ah ok, sounds like either a toasty chip (my 4.5GHz chip is a low volt chip but runs about 10-15c hotter than my 4GHz one...) or the heatsink isn't seated correctly (which I doubt is the case here).
Try the volts @ 1.25v and see how it runs @ 3.33GHz, monitor temps and slowly work up. Use i7 Turbo to monitor whether the CPU is throttling at all and use RealTemp to get the best temps readout.