It could, I mean, I've worked as a Systems Admin/ Network Engineer for the Air Force for several years now, and I am also a Cyber Operations Specialist in the Air National Guard, and most of us have androids rooted and rom'd. We have experienced (On occasion) glitches with overclocking and low voltage. It's under the same principle of pushing a piece of equipment to do more work, with less power to do it with. I'm thinking more long term effects, yes, but with Mobile Processors I'm not sure what the "long term" length could be.
I've always advised against it as it CAN be risky. Sure, there are plenty of people to run overclocking and are having no problems what so ever, however, each person is going to be different. We have seen this. If every phone was to work exactly like the other, we wouldn't have all the random difference in issues that we've seen. It also depends on what type of load you are putting on your phone.. Sort of like battery life. Someone who uses their phone to watch youtube all day and text and make phone calls is not going to have the same battery life as someone who just sends a couple emails and texts, making minimal phone calls.
I hope I am making sense here...