This is what I did, in order:
1. Charged up stock phone while OFF, removed batterystats, ran phone down until it completely turned itself off. I then charged up the phone, still OFF. The next day, I got 18 hours of battery life, and did for many days after!
2. I then got SetCPU installed. I set the default governer to "ondemand" with minimum at the lower it could go and the maximum at 800Mhz. No profiles were set, nothing else. That day I got close to 23 hours of use, next day I got 30 hours. No reseting of battery stats; I changed nothing else. Phone seemed to work fine, except that I did notice that a few times the phone took a bit longer to wake up from sleep; up to 8 seconds one time. So that got me tweaking around with profiles.
3. I then adjusted SetCPU by setting the default governer still at "ondemand", max=800 mhz min=196 mhz, then enabled profiles. I have two profiles set now: Screen Off which is ondemand max=480 mhz, min=196, and In Call, which is performance max=800 min=800 (I don't think the max/min settings on performance actually matter). I haven't run my phone down completely, but I am getting about 40 hours when I still have about 10% left on my battery at the end of the day. The wake on sleep issue still happens, but it's less than 4 seconds when it does, and the performance when I'm interacting with it is just as zippy as it was when it was set to performance.
I haven't had a desire to tweak with it further - it seems to perform just great now, and getting almost 2 full days worth of battery life is good enough for me.