Update: I ended up just buying a new license and everything is working great now.
I've got 1 voltage setting for adapter/battery because I was able to set the maximum frequency at the lowest voltage (0.9250 V), which is the best pair since it'd be pointless to have lower frequencies at the lowest voltage (0.9250 V).
NOTES: This is on a 13", 4GB RAM, 128GB SSD MBA.
Here's my setup:
I can't really tell so far if it's running cooler, but I think that it is. I will do further testing tomorrow.
Also, what is the lowest voltage that your version of CoolBook is letting you go down to and what version of CoolBook are you running? I'm running CoolBook 2.22 and it's updated to the latest version and everything and the lowest voltage I can set for any frequency is 0.9250 V, but in other posts, I see other users that are able to set theirs to 0.8750 V, although the other user is using CoolBook 2.16. Why am I not able to set my voltages down to 0.8750 V? Is it because CoolBook's voltages were changed sometime in between version 2.16 and 2.22?