Note: Not all pencils are created equal. A generic #2 pencil from Office Depot wouldn't get the voltage over 1.13 volts. A good ole' fat construction pencil from Home Depot worked much better for me.
Remember to always test the first cap (C17, I think), because it will show the highest voltage, in case you over-pencil it.
As far as my experience: I have 6 S1 Antminers, and none of them like the 418 MHz setting. HWE rates were 4.5% - 5.3% with hash rates around 210 GHs even with the pencil mod. At 393 MHz (5f05, 36) I was getting .85% - .90% HWE before the pencil mod, but the mod actually lowered it to .45% - .51% across the board. Hashrate has remained at 200 GHs. I don't have a killawatt, so I have no idea on consumption.
edit:to the OP, what firmware do you run?
I run the newest firmware. Also, I pencil mod w/ a cheap #2 pencil thats like 15+ years old ... took to the voltage up to 1.3v on a module at power on ... while I was experimenting =P
The resistance on R3 dropped to somehing like 3.5k...
What build date are ur antminers? Ive only tried it on the 2013 december antminer.... wonder if it doesnt work as well on 2014 antminers. What voltage were you setting urs to for the 418mhz setting?
Also, cap C4 is the highest voltage cap before it gets to the ASICs ... this is is more representative of the voltage being pushed by the VRM IC, to the ASICs
For easiness sake, I do measure C17 rather than C4 tho =P