For the CPU I would start by dropping the voltage in 50mV steps. Then run some CPU stress tests to see if it's still stable.
Just like with overclocking it's important to not only test the full load but especially the load change scenarios, as there will be a dip in voltage on the change from low to high loads.
You'll likely hit a spot that is mostly stable but crashes irregularly in some applications with sudden shifts in loads (Adobe Premiere and Keyshot does it for me.) Add back 50mV and you should be good to go.
I'm personally running a 6700k @4.3Ghz and -200mV offset - which results in 1.15v at full load. The thermal gains are (subjectively) considerable.
For the GPU it's a little more complex depending on whether you are using a Nvidia or AMD card. AMD cards reportedly respond very well to undervolting, for Nvidia cards it's a little fiddly to get to work, but it can be done with the V/F Curve Editor (i believe there still isn't a button for it, you have to use CTRL+F) in Afterburner. If maximum power draw is your concern it might be enough to just set the power limit appropriately - even though you'll be losing a bit of performance.