i had the same problem with CM7 but i erased that one and got the nightly #7 build and the battery life is great. as far as setcpu settings the Screen off profile is the best. I had trouble wwith setcpu when i rooted and asked for help but everyone told me the same "just mess with it until you find the settings that are good for your phone". I know it dont help much but after a while you will get the right settings for you. On a side note i havent been using Setcpu for months now because most of these roms or kernels have battery tweaks in them and setcpu isnt needed. When im not on CM7 i use AVA Z3 with calkulins custom kernel that has some kind of tweaking in it and i get 12 hours with heavy use. So it trail and error but hang in there and set you some profiles that scale back the cpu has the battery goes dead and you should be fine.