Firmware Versions: Which firmware versions have you found most effective for models like M3x, M5x, or the M30 series?
Stock firmware works great, it's free and probably does everything else you expect to find in custom firmware.
Overclocking: For those who have tried overclocking with custom firmware, what has been your experience in terms of benefits and risks?
You could perform overclocking using the stock firmware.
Unlike Bitmain's stock firmware, Whatminer's firmware is features-rich, you can do plenty of things with it, besides your normal low, normal, and high modes, and you could actually set a certain power limit for the miner to use, this feature is available on M30 and higher (M20 and below only has the average 3 mining modes).
Even if you want to go with immersion cooling, you could use the dedicated firmware for that reason, which they will provide for free.