I run my i7 firstname.lastname@example.orgGHz and I'm not an expert but I think I can help.
From my own experience:
1) Odd numbered CPU multipliers are more stable so you could increase the multiplier to 21x (discovering this was the most interesting thing I came across and very few sources I found mention this.)
2) A BCLK frequency of 178 should be sufficient, you'll be getting a cpu speed of 3.74GHz which is good.
3) From what I can see your RAM has a multiplier of 8 which I think is the minimum for DDR3 RAM but if you can drop the multiplier then go ahead.
4) If you have sufficient cooling which means high-end air coolers or even a water cooling system for the cpu you can raise the voltage to 1.35V although it's quite risky and if I were in your place I would raise it in the smallest possible increments IF the system is unstable.
5) A 15 minute Prime95 test in Blend mode should be sufficient to show how stable your system is. You could even leave if for 30 minutes but be sure to keep track of temps and make sure the temps stay under 100C.
6) Get better RAM, one that has a default speed of 1333MHz without overclock so you can drop the RAM Bus multiplier to 8 and it would stay stable because it would reach something close to or below 1333MHz which the RAM was already designed to run at. I think you see what I mean.
RealTemp is one of the best programs to keep track of temperatures. Make sure your temperatures stay below 100C. 105C is when the CPU undergoes thermal shutdown to prevent damage and you should be as far away from that temperature as possible.
WARNING: I am not responsible for any damage to your system. Be sure to research other people's overclocks of the i7 940 before going anywhere near the voltage controls.