Tested higher clocking only yesterday (480-864) and was surprised that battery life was the same as usual however it can't be good for the processor to never get a break.
Sent from my LG Optimus V using Tapatalk
I didn't know it was a Union Processor

The only thing that would shorten its life span is excessive heat. If it is not draining any extra battery, then it can't be getting any hotter either. I've left my phone overclocked to 806 exactly with great results.
With my latest advance, creating the firewall profiles to stop unnecessary 3G usage, I'm going to see how long my phone will sit in standby with minimal usage. I'm hope for more than 100 hours.