Hello,
Yes SetCPU is one of the more popular and established CPU/kernel management applications available. Governors, I have always on my devices gone with OnDemand for best performance and battery life. Seems to be what most of the kernel devs set for a stock preference in their kernel setups.
Next, you said your rooted with stock OS. Your aware you need a custom kernel to properly manage and adjust your CPU settings?
Good luck and be careful !