I've undervolted in conjunction with an underclock, just as you would overvolt with an overclock. The voltage/clock relationship is really more related to heat in the silicon substrate. The hotter it gets, the higher the voltage that must be applied so that the electrons can cross gaps in the silicon, which widen when it gets very warm. With a laptop's limited cooling abilities, it will only get so cool.
I don't know why you would want to do this anyway, since the Pentium M a clock frequency/core voltage modifier has been built into all the laptop chips in some form, and now the newer generations of Desktop CPU do it, too, as well as self-overclocking.
Now, what you CAN do is get a program that will allow you to control the "speed stepping," as it's called, for the processors that are enabled with it. You can tell them to stay at their undervolted/underclocked setting and not increase power in response to processor load, or you can tell them to stay at the max setting if desired. I use EEECTRL for my EEEPC's celeron M chip to do this. I can lock it down to 430 mhz if I need to watch my battery useage, or lock it into high gear if I need to cut lag from something I'm doing.