Well I'm talking more about during non-gaming periods. I know that with a default setups, the 6750m automatically underclocks its GPU when not "in use". Would it still do that if you messed with it?
Theoretically, the 0.955V rating only applies when under full load. We can agree that wattage (the measure for power) consumption is obviously lower when at lower clocks (you can measure this yourself), and assuming resistance stays the same, then a simple P = V^2/R would tell you that voltage is lower. This is true based on intuition anyway.
Basically, my point is, if you applied an undervolt, does that carry over to when the discrete card isn't "in use"? What about if you applied an overclock? My understanding is that when you "tweak" it, it's on with the OC and the undervolt permanently. So even while just idling, the graphics card is still running at full speed, aka drawing more power and creating more heat than if it was left stock, and therefore, allowed to underclock itself.