In my (working) configuration on a different Gigabyte motherboard, I have two videocards plugged into x16 slots, one using an x1 extender into an x1 slot, and another using an x1 extender into an x1 slot.
I was going to post something along the same lines. Tom's Hardware had done a test a while back to see how bandwidth affected gaming performance. they put scotch tape over part of the pcie x16 to put it into 8x, 4x, and 1x mode. If you've maxed out what the motherboard will assign in bandwidth, then you could try that out. http://www.tomshardware.com/reviews/pci-express-2.0,1915-4.html