Your -0.1V undervolt seems to fall in between CPU Lite Load Mode 5 and Mode 6. While the -0.1V shows a higher peak "CPU package power" than even Mode 6, it might've really been just a short peak. Because when we look at what the PWM controller of the VRM is reporting (Renesas RAA229131, just below the board's Nuvoton in the second column) for Current OUT and Power OUT, which is the CPU-facing side of the VRM, it matches up better with the temperatures we're seeing. So i'm thinking that's a more correct measure of the averages.
Therefore, if you thoroughly test the stability, both methods are suitable. Just make sure to leave a similar headroom with normal undervolting. It wouldn't be a fair comparison if you went all the way to the edge on the undervolt vs. leaving more headroom on the Lite Load setting.
As for the power limits, it depends, if you want to have some efficiency left, then i would set the standard power limits of 253W for both. If you only want to prioritize performance, then whatever it takes to stay below 90°C no matter the workload, maybe like 280-300W.
Again, it comes down to the efficiency and the cooling capabilities. He has the -KS model, it already goes into throttling without any OC applied. Also, the 13900KS is less of a step up from the 13900K than the 12900KS was from the 12900K (clocks-wise). The 12900KS could eke out another 300 MHz over the 12900K in gaming and light loads / single-core. The 13900KS is only good for 66 MHz (Multi) to 200 MHz (Single) more, partly because it is also limited by the temperatures causing CPU throttling.
What's more, it depends on how you overclock. With traditional OC (focused on all-core OC), the scores in full-multithreaded-load benchmarks like CB23 Multi may look a bit better (at the expense of much higher power consumption and thus worse efficiency), but usually you can't gain much in real-world scenarios where the normal turbos already do a great job of boosting the clocks. Depending on the type of OC, it can mainly be good for raising numbers a little in benchmarks that use somewhat artificial all-core load, and in other scenarios it may actually underperform, when it has to settle for a lower all-core OC than the normal turbo boost would allow for up to four cores loaded for example.
So with any OC, you have to know what you're doing, and not just search a higher CB23 Multi score which might not be representative for your daily workloads.