Using a ti4200 in my Abit IS-7E but then the BIOS menu states that it's set at 1.55volts, should there be any problem or should I adjust it to 1.5 volts so that no harm will come to my gfx card? Thanks

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That's the AGP voltage, not the GFX voltage.

It's going to be fine as long as it's under 1.6v. 1.65v and up will lessen the life span of your card severely.