To be honest the OV doesn't benefit from the use of profiles. In most cases the OV is better on battery life just leaving it at one frequency.
No, this is wrong.
You either heard this from someone(who heard it from someone, who heard it from someone), who summarized Marzz's tests, or you yourself are doing that. Either way, it incomplete/incorrect information. Go read the entire thread, you missed a lot of important information that came out later.
What you want is this... (Froyo or GB, doesn't matter)
Set your max one or two steps down from the max your phone can run stable and your minimum should be around 400 (experiment with it though, you may be able to go lower). I use interactive since the kernel was set that way from the start. On demand will save you more, but causes lag at times as it switches, like during unlock.
If you are doing something like navigation and the phone gets hot, increase your minimum, as it is too low and when it is too low, the system reverts to maximum speed, even though it doesn't need it. Leaving it at max/max has the same effect, the phone burns itself up doing minor long term tasks like streaming or navigation. Basically streaming doesn't need 700mhz to process, but it needs to be done continuously, since the phone cannot do so at the lower speed (say 240), it runs at max speed. These phones were not designed to run long term at 800mhz and it's hard on the battery regardless. Setting a minimum of 400 allows the navigation and streaming to run as a lower processing power. You just have to find that sweet spot. For most, 400 is a good starting point.