Does the i915 driver support "overscan compensation"? If so, how can I enable it?
EDIT: Or is there any other driver for Intel's HD4000 graphic that supports "overscan compensation"?
You can alter the overscan with appropriate xorg.conf settings to the modeline in use. This can be done interactively with xvidtune, but BE CAREFUL, you can fry your monitor with inapproprate settings. Try minor adjustments to the existing settings to try and improve things.