Feel free to explore the bios to see and learn the adjustments you can do there. There's no risk as long as you don't save the unintentional changes you may make and even then it's easy to reset to factory defaults. Most often the default settings work best unless you're overclocking. Making fans raise their speed at lower than default temperatures sounds like a good idea, though. - I'm not so sure about videos, unless they are about the same model. The terminology can vary quite a lot between makers.
Even the MSI LiveUpdate can be junk, they really don't release new drivers very often. Disable it from running automatically, making a manual check and update semi-annually is enough.