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It is safe, but each device is different as to how far they can go before becoming unstable.
I would also say that if you're experiencing a lag at 1.2, your problem probably isn't clock speed.
...I made one other change that I think did the trick - I went from LeanKernal to FrancoKernal. Thanks Pool. What is an UNSAFE overclock? I mean...what happens when you overclock a phone too much? Does it heat up? Will it fry the internals?
Anyway, I agree that 1.2 should be enough for my purposes. My lag was in opening apps, clicking on icons, opening the keyboard (and tons of keyboard lag with swype or swiftkey), opening the notification bar, scrolling through apps in drawer, etc. Very frustrating!
Last night I pulled the min CPU up to 729 and upped the max to 1305.
The phone seems much snappier. BUT.......I made one other change that I think did the trick - I went from LeanKernal to FrancoKernal.
I should also point out that I'm on AOKP Build 4. Maybe Franco is better suited.

You guys are chasing symptoms and ignoring the cause.
I don't have lag on my GNex. Don't recall ever having it. I suspect battery life sucks too. See what's using your battery and you may find the lag.
O/w what rom are you running? What launcher? Where do you see the lag, everywhere or just certain apps? When did it start? What have you tried?
The GLaDOS kernel is pretty responsive. You might try that.
Thanks Pool. What is an UNSAFE overclock? I mean...what happens when you overclock a phone too much? Does it heat up? Will it fry the internals?
Anyway, I agree that 1.2 should be enough for my purposes. My lag was in opening apps, clicking on icons, opening the keyboard (and tons of keyboard lag with swype or swiftkey), opening the notification bar, scrolling through apps in drawer, etc. Very frustrating!
Last night I pulled the min CPU up to 729 and upped the max to 1305.
The phone seems much snappier. BUT.......I made one other change that I think did the trick - I went from LeanKernal to FrancoKernal.
I should also point out that I'm on AOKP Build 4. Maybe Franco is better suited.