I tried it some months ago on a 970 and it worked, but you loose the auto clock tuning based on temperature and fan speed, which you may or may not like ;-)
I personally like it and ended up with better hashrate using the default settings than changing it with nvidia-smi, but YMMV.
Keep in mind there are only a handful of algos that get a boost out of memory speed... Juicing your memory on a 970 adds like a extra 20w~.
And the altocoins are up, and the mining profit meassured in BTC is up..
I have twice the hash power now and making the same amount.

Yeah they're still playing with BTC... probably will be a week or two before altcoins rebound, depending on how long they mess around with BTC. All hands are on deck for BTC right now.