Yeah, that's about average. Ultimate Droid also runs hotter than the other roms, for some odd reason (I experienced that during my use of Ultimate Droid, Cyanogenmod, Smoked Glass, etc).
Just keep an eye on it. If it gets above 38 C (100F) to 42 C (107.6F) constantly, you are going to want to uninstall setCPU. Some phones just don't work well with setCPU.