Well sadly I reverted back to stock 1Ghz @ 66vsel. It seemed stable, but I was seeing strange occurrences, like wake phone up and check cpu usage, and it'd be at like 60-80% cpu usage for past 15 minutes, for no explicable reason. As soon as I removed the overclock mod, cpu usage settled back down to where it should be, 0.05-0.25 average for past 15 minutes (I'm pulling these numbers from SetCPU)
Also, I saw some strange performance issues, especially in PSX4Droid. I tried doing both a 1Ghz @ 34vsel and 1.1Ghz @ 34 and both had serious performance problems. FF7, while smooth and playable at stock, was choppy and horrible both overclocked and undervolted with stock speed.
So unfortunately I had to revert to good old 1Ghz @ 66 for now
I may even jump back on Froyo since overclock/undervolt was the only thing I needed 2.1 for.
One thing I will say though, is battery life was substantially better. I get the feeling the system was reverting to 300mhz ONLY and thats why. I think personally, from my 24 hour experience with OC'ing phones, I will be leaving this until it becomes a bit more precise and worthwhile. Was fun to do though, and since undervolting means whatever you do, its pretty much impossible to permanently damage hardware so its not very risky. Only risk is involved when you start to overvolt things.