I use a script so I can change them at runtime. That means I don't have to be physically at the box to change the limits like I have to be if I set them in the BIOS. It's ok to set them in the BIOS if that's what you want to do.
I used throttlestop in windows when doing my testing so, yes, it works.
Those are reasonable settings, although,
I limit by temp now.
Any "lock" in the BIOS needs to be disabled when you want to change that setting at runtime. In this case, you probably don't need to change HWP at runtime so it won't matter. In general, though, I disable all locks.
Advanced->Thermal Configuration->Intel(R) Dynamic Tuning Technology Configuration
Did you do the TDC Limit fix? It's at the bottom of
this post.