It's hitting 330w because of that top power state most likely. 1.2v at any core clock is usually going to make the card throttle pretty hard, even with the 330w limit. If the card is stable with these settings, perhaps try lowing P7 to 1650Mhz and 1150mV and see what happens. FWIW, my card is configured a bit more conservatively with P7 being at 1600Mhz @ 1150mV if I recall correctly. I have not tested how low I can go before it becomes unstable.
To be clear, the goal is to make it so the GPU is not hitting the power limit so we can maintain the top power state. Feeding this card too much voltage is counter-productive because we hit the power limit more easily, even without an overclock.