Your memory doesn't accept other voltages than the 1.5v (1066mhz & 1333mhz) and 1.35v (1600mhz). So your memory is restricting your motherboard from using other voltages. You cannot ie use 1.35v with any other speed than 1600mhz with those memory sticks.
That makes no sense, SPD and XMP are just there to be used for automatic defaults, there is no forcing. On a motherboard that can adjust this properly, you can set whatever you want and it will take, its just a matter if the RAM itself will work with whats set.
You're correct in what you say. But the only thing that would make sense is if the board detects that the memoy isn't compatible for the chosen voltage and tries the closest spd profile, the sensors are showing incorrectly or the bios firmware is messed up. You could try to measure power consumption while changing between 1.5 and 1.35 to see if it actually works.
Spoke to support via Live chat a little, and from what I take away from that is that is BIOS option does nothing and thus is bit deceiving and just there to cause confusion it seems. Was told to try call local support to try escalate this issue, but not sure if it worth it.
I have confirmation that the Corsair RAM has no issue running at 1.5v so I will mostly ignore this but I may call Intel support sometime when I am not so busy and see what happens.

