The biggest point is as long as you limit the applications that use data in the background 3g will be better at idle than wifi. However while actively using data wifi is much better.
This probably has more to do with slow downloads than the actual radio. 3g is much slower than wifi. Given equal time running, wifi will use more power, but instead downloads faster then idles down saving power. In idle mode wifi uses less than 3g while active.
When both radios are in the same state, 3g is more energy efficient.
As far as I know we cant toggle between 2g/3g on our phones. It is a limitation of the phone.
Actually you can, at least on Froyo, it was an old trick to increase battery life before custom roms became mainstream.
Before anyone goes running off to find an app that does it (yes, they exist), keep in mind, that I have no idea how they will work with CM7, but even more worrisome is that many (including myself) have found them to cause network drops. Sometimes to the point of needed to restart the phone or re-activate the phone. Many argued this for weeks, however I could make mine drop the connection repeatedly as could a few others.