Speed Shift is just a new way to control the speed of an Intel CPU. The advantage of Speed Shift is that it can go from low speed to high speed quicker than the old methods. This is useful in a laptop when running on battery power. Low speed when the CPU is mostly idle, high speed when needed and a fast change back and forth between these two extremes when the CPU is lightly loaded. This should improve run time when running on battery power. The most efficient CPU is one that can run fast but only when needed. The rest of the time the CPU cores should be in one of the low power C States, getting ready to get back to work.
If you are always plugged in then you probably do not need to enable Speed Shift. The old Set Multiplier method that Intel used to use will be OK for you. Use Set Multiplier or Speed Shift but there is no need to use both of these at the same time. If you like using Speed Shift when running on battery power, you might want to adjust some of the Speed Shift settings so you get maximum performance when plugged in.
Using ThrottleStop to enable Speed Shift is another good idea. Click on the TPL window to enable Speed Shift and then go back out to the main screen and set the Speed Shift - EPP value to 0 for maximum performance. Use a setting of 80 or 128 when you are not plugged in.
The Min and Max values refer to the CPU multiplier. If the range is 1..35 you could use 35 for the max and 1 for the min. These CPUs do not have a 1 multiplier so you should set the Min to the minimum multiplier for your CPU model which is usually about 8. Some of the low power U CPUs might use a minimum multiplier of only 4. If you are not sure, a setting of 1 will also result in the CPU using the minimum multiplier when lightly loaded.
For gaming, you might be more interested in maximum performance. In this situation you could set the Min and the Max multipliers both to 35. Your mobile CPU uses C States to save power. When a core has nothing to do, it will enter the low power C7 C State where power consumption is near zero for that core so it is OK for your CPU to run fast when it is idle as long as you are plugged in.
Don't be afraid to play around with these settings. You will not hurt anything. Your biggest problem was clock modulation throttling. I am happy to hear that ThrottleStop fixed that problem for you.