Sure. I set up Tasker with a trigger of screen status. When it times out the actions are, disable background sync, shut off 4g, bluetooth off, and wifi off. The next trigger is the screen waking up. The actions are to re-enable background sync, and connect 4g signal.
I truely cant think of anything that I am losing by doing this. My opinion is this. It does not have a removable battery therefore there are only a certain number of charging cycles. I feel the need to maximize those cycles. It still allows calls and texts to come through. I usually check my phone every 15-20 minutes so if there's an email, facebook or twitter notification I grab it then. I don't like apps running in the background. Its my phone and I should have a say as to what happens in the background. Some might say they shouldn't have to do this and its too extreme. I think over time we expect more and more from these devices. Bigger, brighter screens are a big battery killer. Alot of people complain about battery life and I only offer these setting as a possible solution. Your mileage may vary!