Undervolt the GPU may make it unstable?
It sure could have the potential to yes.
However like most tweaking things. Give it more volts and you can go faster.
Give it less volts and you can make it slower flows true.
With the right testing you keep it stable by lowering the speed and the voltage together.
Every graphics card is different, some will do this easier than others. This forum more than any other will have that sort of information and advice on those experienced in doing that. This is nothing more than general advice.
Many find you can lower the memory to go as slow as 300Mhz, this can allow you to push some pretty low voltages to it.
After all you don't care how bad the performance is if your using it exclusively for bitmining, as long as it doesn't end up becoming unstable.
If you are using it for general or dual purposes, I would not recommend it however.