I think so, its sounds extremely simple. This is quoted from their web site.
"With CPU Voltage Control you can change the default CPU Voltages to reduce heat dissipation, power consumption and prolong the battery lifetime up to 30%. When you set new Voltage, Centrino Hardware Control will make a short CPU stability check to test, if the CPU is stable on this Voltage. If the CPU Voltage is to low, the System can stop responding and you have to restart the Computer. But this is only a short CPU stability check. For a full CPU stability check use programs like Hot CPU Tester Pro or Prime 95."
As for the HDD temperature, I've been watching it, and the hottest I've ever seen it go is 51 degrees. This was when I was downloading a bunch of stuff from a file sharing program for hours, so the HD was pretty busy.